China’s CITIC Buys Big Kazakh Oilfield for $1.9 bln - Jonathan Leff and Dominic Whiting
From Reuters:
China’s CITIC Group, a diversified state-owned investment vehicle with few oil interests, furthered Beijing’s drive for overseas energy assets on Thursday with the $1.9 billion purchase of a large Kazakh field.
It has agreed to buy the Kazakh oil assets of Canada-based Nations Energy Co Ltd., the cornerstone of which is the Karazhanbas oil and gas field, which has proved reserves of more than 340 million barrels and production of over 50,000 barrels per day (bpd), the companies said in a statement.[Full Text]
