Sinopec to pay $1.2b for stakes in Lukoil projects

Move said to boost Chinese energy cooperation in Central Asia region

Asia's largest refiner Sinopec Group will buy stakes in several Kazakhstan oil projects for $1.2 billion from Oao Lukoil, Russia's No 2 oil producer, boosting Chinese energy cooperation in Central Asia.

"Chinese companies are increasingly buying into Central Asia in the energy sector," Zhang Bin, an analyst with commodities consultant Sublime China Information Co, said. This "will help reduce domestic oil costs and ensure supply in the long run".