Akin Gump Strauss Hauer & Feld has represented Russian oil and gas giant Lukoil PJSC on the sale of its 50 percent stake in Caspian Investments Resources Ltd – a Kazakhstan-based oil producer – to China Petroleum & Chemical Corp (Sinopec) for about $1.1 billion.

Kazakh authorities signed and approved permits for the transfer in late July, according to a Lukoil statement. The agreement, which was closed after over a year of talks, also marks the end of LCIA arbitration proceedings between Lukoil and state-owned Sinopec. Lukoil launched the process in February after Sinopec dropped out of an earlier $1.2 billion deal.

Moscow-based corporate partner Natalia Baratiants led the Akin Gump team, with support from Beijing corporate partner Li Chen. The LCIA arbitration process was handled by London litigation partner Justin Williams.

Sinopec tapped its in-house team for legal guidance, led by general counsel Chen Guangjun. Jessica Fei, a partner at Herbert Smith Freehills’ Beijing office, advised Sinopec on the LCIA arbitration proceedings.