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PetroChina gets nod to acquire

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China Petrochemical Corp, the nation's second-largest oil producer, received state approval to acquire Tanganyika Oil Co for about US$1.8 billion.

Shareholders have until Friday to accept the offer, Sinopec Group, as China Petroleum is known, and Vancouver-based Tanganyika said in a joint statement yesterday.

(Shanghai Daily December 17, 2008)

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