Conoco sells Kashagan stake

Kazakhstan is to buy ConocoPhillips out of the Kashagan oilfield for about $5bn in a possible prelude to inviting China to join development of the world's biggest oil discovery in half a century. Kazakhstan's Oil and Gas Ministry said yesterday it would exercise its pre-emptive right to acquire an 8.4 per cent stake in the consortium developing Kashagan, thereby blocking a proposed sale to India's Oil and Natural Gas Corp.