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AZERBAIJAN: CHINA'S CNPC BUYS EBRD STAKES IN AZERBAIJANI OIL FIELDS.(China National Petroleum Corp.)(Brief Article)
IPR Strategic Business Information Database, January, 2002
Two subsidiaries of China National Petroleum Corp. (CNPC) have purchased the 30 percent stake formerly owned by the European Bank for Reconstruction and Development (EBRD) in two oil fields in Azerbaijan, Kursangi and Karabagli, for $52 million, Reuters reported. The deal represents an exit for the EBRD after a loan of up to $60 million to U.S.
company Frontera Resources went sour. That failure led to the EBRD's acquisition of Frontera's stake. The EBRD said it was happy with the transaction. China National Oil and Gas Exploration and Development Corp (CNODC) and CNPC signed two separate agreements to buy the stakes. Zhou Jiping, president of CNODC, said, "The investment in the largest existing onshore oil operation in Azerbaijan is a major step in establishing...
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