CNPC $4.18B Oil Deal for PetroKazakhstan
State-owned China National Petroleum Corp. (CNPC) struck a deal with PetroKazakhstan Inc. to offer $55 a share to acquire the Canadian company as China seeks to secure new oil reserves abroad.
PetroKazakhstan said Monday that the offer by CNPC values PetroKazakhstan at $4.18 billion. It comes just weeks after another Chinese company, Cnooc Ltd., abandoned its effort to acquire U.S. oil producer Unocal Corp. amid political pressure from Washington…
The Chinese company beat out competition from a joint venture made up of India’s ONGC Videsh…
Source: Free Republic.
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