Sunday, 31 December 2006

CHINA CEDES STAKE TO COMPLETE KAZAKH OIL PURCHASE

Published in News Digest

By empty (12/31/2006 issue of the CACI Analyst)

The state-run China\'s International Trust & Investment Corporation (CITIC) Group has purchased the Kazakh oil assets of Canadian-registered Nations Energy for $1.9 billion. Citic has agreed, however, to give Kazakh state-owned oil and gas company KazMunaiGaz the option to acquire a 50-percent stake in the purchase.
The state-run China\'s International Trust & Investment Corporation (CITIC) Group has purchased the Kazakh oil assets of Canadian-registered Nations Energy for $1.9 billion. Citic has agreed, however, to give Kazakh state-owned oil and gas company KazMunaiGaz the option to acquire a 50-percent stake in the purchase. The purchase gives China a stake in the Karazhanbas field in western Kazakhstan, which has proven oil reserves exceeding 340 million barrels of oil and current production levels of more than 50,000 barrels a day. (AP)
Read 4185 times
More in this category: « 13 UZBEK REFUGEES RETURN HOME FROM UKRAINE CENTRAL ASIA REACTS TO HUSSEIN EXECUTION »
back to top

Visit also

silkroad

AFPC

isdp

turkeyanalyst

The Central Asia-Caucasus Analyst is a biweekly publication of the Central Asia-Caucasus Institute & Silk Road Studies Program, a Joint Transatlantic Research and Policy Center affiliated with the American Foreign Policy Council, Washington DC., and the Institute for Security and Development Policy, Stockholm. For 15 years, the Analyst has brought cutting edge analysis of the region geared toward a practitioner audience.

Newsletter

Sign up for upcoming events, latest news, and articles from the CACI Analyst.

Newsletter