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PetroKazakhstan Stake Sale

October 18, 2005 Bloomberg
China National Petroleum Corp. agreed to sell a $1.4 billion stake in PetroKazakhstan to Kazakhstan's state-owned oil producer as the Chinese company seeks support for its bid from the Kazakh government.

CNPC, signed a binding agreement on Friday to sell a 33 percent stake in PetroKazakhstan to KazMunaiGaz, European Press Relations, a press service which distributes information on behalf of the Kazakh government, said Monday in a statement.

CNPC also agreed to set up a joint venture with KazMunaiGaz on a parity basis for Shymkent oil refinery, "one of the three oil processing plants based in Kazakhstan and one of the main assets of PetroKazakhstan," the press service said.
Company — PetroKazakhstan
  • Full name
    PetroKazakhstan Inc.
  • Industry
    Oil and gas