CNPC transfers 33% stake in PetroKazakhstan.(Acquisition)

China Chemical Reporter, August, 2006

China National Petroleum Corporation (CNPC) has completed the transfer of 33% equity in Canada-registered PetroKazakhstan Inc (PK) to a Kazakhstan state oil company.

A CNPC spokesman said on July 17th, 2006 that China National Petroleum Corporation International (CNPCI), CNPC's subsidiary, had signed the transfer agreement with KazMunaiGaz on July 5th. The two parties are now negotiating on the future operation and development of PK. PK is expected to produce 10 million tons of oil in 2006.

On October 26th, 2005, CNPC announced that it had acquired successfully the equity of PK, with the deal price of US$4.18 billion. (CCR2005 No.25)