Russian oil producer OAO Lukoil Holdings (LKOH.RS) wants waive its preemptive rights to increase its stake in Kazakhstan's Turgai Petroleum to 100%, the Kommersant daily reported Monday, citing the company's Chief Executive Vagit Alekperov.
The Russian company owns the Kazakh company jointly with China's state oil company China National Petroluem Corp., each holding 50%.
Turgai Petroleum operates the Kumkol field, which has proven reserves of 170 million barrels of oil and produced 3.5 million metric tons last year.
The Kazakh company is valued at $1.7 billion, the paper said.