PetroKazakhstan approved for CNPC's bid.(China National Petroleum Corp.)

China Chemical Reporter, November, 2005

PetroKazakhstan shareholders approved on October an offer by CNPC (China National Petroleum Corporation) to buy the company at a price of US$55/share, representing the stage for the deal to be completed after solving some political uncertainties.

Most of shareholders supported the dealwith CNPC. PetroKazakhstan has frequently contacted with the former Soviet Republic's government, but the officer declined to comment on them. In fact, Russian oil major Lukoil, a partner in a joint venture with PetroKazakhstan, has said it plans to ask the Alberta court to halt the deal because it believes it has rights to the venture stake that will be transferred to CNPC.

CNPC, which is keen on acquiring oversea oil reserve, studied more from another Chinese...

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