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CNPC buys Kazakh oil company

BEIJING. April 28. KAZINFORM China National Petroleum Corp (CNPC), the country's largest oil and gas producer, has agreed with Kazakh state oil company Kazmunaigas to jointly purchase Kazakh oil company, JSC Mangistaumunaigas (MMG), for $3.3 billion, according to a statement on CNPC's website, Kazinform refers to China Daily. The purchase includes two oil and gas fields and all MMG's other oil and gas assets, the statement said. MMG owns licenses to explore and develop 15 oil and natural gas fields in Kazakhstan as well as oil fields in the Caspian region. The company's annual crude output stood at 40 million barrels in 2008, and it had 41.8 billion cu m of natural gas reserve. deal is part of a $5 billion loan-for-oil deal that China inked with Kazakhstan earlier this month. "The transaction is an important step to develop long-term strategic partnership between China and Kazakhstan. It also helps our overseas expansion," CNPC said in the statement. Kazakhstan has become an important overseas market for CNPC. By the end of 2008, the company had invested $7 billion in the country, according to the CNPC (Kazakhstan) 2008 Sustainable Report, Kazinform cites China Daily. See for full version.


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