China's Top Oil Firm Offers 4.18bn Dollars for PetroKazakhstan
Posted on: Monday, 22 August 2005, 15:00 CDT
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
Beijing, 22 August: China National Petroleum Corporation (CNPC), China's biggest oil producer, announced Monday [22 August] that it has offered 4.18bn US dollars for the takeover of PetroKazakhstan (PK), through its wholly-owned subsidiary China National Petroleum Corporation International (CNPCI).
Registered in Canada, PK is a vertically integrated international energy company listed in the United States, Canada, the United Kingdom, Germany and Kazakhstan.
With an annual crude oil output of 7m tons, the company has all its oil and gas assets located in Kazakhstan, which shares a common borderline with China.
According to company sources, CNPC has been involved in oil and gas business in Kazakhstan for years. Based on the guiding principle of mutual benefit, CNPC has fostered sound collaboration relations with the government of Kazakhstan and KazMunaiGaz, the national oil and gas company.
The acquisition, which is in line with international market regulations, is the natural choice of CNPC's business expansion in Kazakhstan, and it serves as part of CNPC's international development strategies, said a CNPC press release.
Relying on long-term cooperation perspectives, the acquisition of PetroKazakhstan will contribute to bringing complementary effects to CNPC's existing assets and acquired ones, so as to tap further potentials in Kazakhstan.
CNPC's unique technological competitive strength and management experience will be fully utilized to upgrade the value of the assets acquired, according to the press release. It will also be favourable for CNPC to increase investment there, and so to promote the local economy in Kazakhstan.
The acquisition itself will bring added value for shareholders of PetroKazakhstan.
Source: BBC Monitoring Newsfile
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