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CNPC confirms sale of 33% PK shares to KazMunaiGaz |
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Written by Administrator
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Monday, 17 July 2006 |
BEIJING, July 17 (InfoChina) – A source with CNPC, the parent company of PetroChina (NYSE:PTR), confirmed on July 17 that the company had sold 33% shares in PetroKazakhstan (PK) it held to KazMunaiGaz, Kazakhstan’s state-owned oil company.
Financial details of the deal are not yet known.
It is learned that the share-transferring agreement was signed on July 5 and both sides are making efforts to maintain the company’s regular operation.
The source said that PK is likely to accomplish the annual production target of 10 million tons in 2006.
KazMunaiGaz announced the shares purchase over the Canadian-based oil company at a price of 55 US dollars/share.
CNPC, China's largest oil producer, took over PK in October 2005 at a cost of 4.2 billion US dollars. This is the largest overseas acquisition by now made by a Chinese company. |
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