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8

Russia's Lukoil To Control American Oil&Gas Firm

The deal for Chaparral Resources takeover is yet to be approved in May

Russian non-state oil giant LUKOIL's subsidiary sealed a binding agreement for buying out 40 percent in Chaparral Resources Inc.

Earlier, when Lukoil Overseas announced the takeover of Chaparral, its minors brought several suits against Lukoil Overseas, claiming to terminate the takeover agreement and claim the offered price ($5.8 a stock) doesn?t reflect the worth or the future of the company.

The US company is licensed to produce from Kazakhstan?s Karakuduk field with proven reserves of 6.2 million tons of crude.

The deal for CR?s takeover is yet to be approved at the May general meeting of CR holders. To this effect, it needs at least 50 percent vote of the holders. It is a sure bet actually, as Lukoil Overseas controls 60 percent in CR.