December 11, 2009 / 6:21 PM / 9 years ago

UPDATE 1-BP says Lukoil buys out stake in CPC pipeline JV

* Russian oil company buys BP stake for $1.6 bln cash

* BP divests all interest in Caspian Pipeline Consortium (Writes through, adds detail)

LONDON, Dec 11 (Reuters) - British oil company BP (BP.L) said on Friday it had sold its stake in Lukarco, which has a minority stake in the Caspian Pipeline Consortium, to its joint venture partner, Russia’s Lukoil (LKOH.MM), for $1.6 billion in cash.

It added that a $43 million loan from BP to Lukarco, which owns a 5 percent share in TengizChevroil and a 12.5 percent interest in the Caspian Pipeline Consortium, will also be repaid.

The oil group said it no longer has a interest Kazakhstan’s Tengiz oil field and the pipeline consortium, which carries oil between Kazakhstan and Russia.

Lukoil, which already owns 54 percent of Lukarco, had previously said it would buy BP’s shares following approval from Kazakhstan. [ID:nL6391947] (Reporting by Lorraine Turner; Editing by David Holmes)

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