China’s Biggest Conglomerate Buys Kazakhstan Oil Assets – AP

From AP via The New York Times:

, which is aggressively seeking overseas energy assets to run its booming economy, said Sunday that one of its biggest conglomerates had bought the Kazakhstan oil assets of a Canadian for $1.91 billion.

The CITIC Group of China bought the oil assets of the Nations Energy Company of Canada and granted KazMunaiGas, Kazakhstan’s state-owned oil company, an option to a 50 percent interest in Nations Energy, the official Xinhua Agency said.

CITIC’s bid for Nations Energy’s Karazhanbas oil field had been opposed by some in the former Soviet Central Asian republic, and the option for KazMunaiGas may have been one way to win approval from Kazakhstan’s regulatory authorities.[Full Text]

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