UPDATE 2-Sinochem near $320 mln deal to buy Kazakh oil firm

* Takeover target producing about 4,000 bpd of oil - source

* Target has 66 mln barrels in recoverable reserves - source (Adds target company name, reserve)

BEIJING, Nov 5 (Reuters) - China's Sinochem Corp is near a $320 million deal to buy an independent oil company in Kazakhstan, industry sources told Reuters on Thursday, deepening Chinese state investment in the central Asian nation's oil sector.

"The deal will be concluded soon," said one source familiar with the talks, adding that the target firm, Sumbe JSC SUMB.KZ, is currently producing about 4,000 barrels per day of oil.

A second source familiar with the investment told Reuters that the Kazakh firm holds a remaining recoverable oil reserve of some 66 million barrels.

A Sinochem media relations official declined to comment.

The deal, which has won Kazakh government approval, follows a $939 million investment by China's sovereign wealth fund for a 11 percent stake in Kazakhstan's No. 2 oil producer.

In April, China's top energy group CNPC agreed with Kazakh state oil KazMunaiGas to jointly buy oil producer MangistauMunaiGas for $3.3 billion. As part of the deal, China agreed to lend Kazakhstan $10 billion in a loan-for-oil deal.

Sumbe, listed on the Kazakh stock exchange with a market capitalisation of $361 million, is mainly a real estate company but is also involved in petrol retail business and distribution of oil products, according to the Kazakh stock exchange's Website (www.kase.kz).