China may soon own 49 percent of Kazakhstan’s fourth largest oil producer. From AP via The Los Angeles Times:
CNPC’s proposed purchase of the stake in MangistauMunaiGaz would consolidate Chinese energy interests in the oil-rich region. MangistauMunaiGaz, which controls oil reserves estimated at 500 million barrels, has also been eyed by Russia and India’s national energy companies in recent months.
“KMG and CNPC are currently negotiating CNPC’s involvement in the purchase of MMG, and we are planning to sign some documents on that in the nearest future,” Arzhan Takachakov, a spokesman for the state energy company, KazMunaiGaz, said by E-mail.
[…]
China is seeking to bolster its energy security by sealing long-term deals with neighboring states and reducing its reliance on maritime oil transportation routes.
