Success is not yet assured for the Chinese National Petroleum Corporation’s bid for the Canadian oil company PetroKazakhstan (PK). That will require a two-thirds vote by shareholders at a meeting to be held in October, and probably the approval of the Kazakh government, which has had tense relations with PK in the past. India’s OME consortium is still said to be in the hunt, and Russia lurks in the background. But oil industry experts interviewed by ATol say that PK will be a good acquisition for CNPC: it has good assets, including a relatively new refinery and some top-quality fields; it produces high-quality light, sweet crude; and it’s strategically located near the Chinese border.
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