China National Petroleum Corporation buys PetroKazakhstan
Posted: 23 August 2005
China National Petroleum Corporation (CNPC), through its wholly owned subsidiary China National Petroleum Corporation International (CNPCI), has participated in acquiring PetroKazakhstan (PK).
Registered in Canada, PK is a vertically integrated, international energy company. PK's shares are traded in the United States on the New York Stock Exchange, in Canada on the Toronto Stock Exchange, in the United Kingdom on the London Stock Exchange and in Germany on the Frankfurt Exchange. Its oil and gas assets are all in the Republic of Kazakhstan. Its annual output of crude oil reaches 7 million tons.
CNPC has been involved in oil and gas business in Kazakhstan for many years. Based on the guiding principle of mutual benefit and win-win situation, CNPC has fostered excellent collaboration relations with the Government of Kazakhstan and KazMunaiGaz By means of investment and technological cooperation, CNPC has made great contributions to the development of Kazakhstan oil industry and the boosting of its local economy. This 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.
Relying on long-term cooperation perspectives, the acquisition of PetroKazakhstan will contribute to bring 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. It will also be favorable for CNPC to increase investment there, in order to promote local economies in Kazakhstan. Meanwhile, the acquisition itself will bring added value for shareholders of PetroKazakhstan.
For more information see http://www.cnpc.com.cn
Posted by Richard Price, Editor, EnergyME.com
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