PetroChina Company Limited (PetroChina) announced on Monday its
acquisition of a 67 percent interest in PetroKazakhstan (PKZ) from
its parent company China National Petroleum Corporation (CNPC).
The transaction was completed through CNPC Exploration and
Development, a joint venture of PetroChina with CNPC.
PetroChina signed the agreement with its parent company to
acquire 67 percent interest of PKZ for US$2.735 billion last
August, the acquisition being finalized last December.
The new deal further strengthens PetroChina's sustainable growth
potential in international oil and gas reserves as well as
increasing shareholder values, said a senior executive with
PetroChina.
CNPC Exploration and Development and KazMunayGas, the Kazakhstan
national state-owned oil and gas company, now own 67 percent and 33
percent of interests in PKZ respectively.
CNPC took over PKZ in 2005 at a price of US$4.2 billion, still
the largest overseas acquisition ever made by a Chinese
company.
After closing the deal, China's top oil producer transferred 33
percent of its shares in PKZ to KazMunayGas last July.
PKZ Inc, an international energy company registered in Canada,
has assets covering 12 oil fields and exploration licenses in five
blocks of Kazakhstan with a combine annual crude oil production
exceeding 7 million tons.
Listed in Hong Kong and New York, PetroChina operates most of
CNPC's assets and liabilities relating to exploration and
production, refining and marketing as well as chemicals and natural
gas businesses.
(Xinhua News Agency January 9, 2007)