Business Activities News
- PetroChina acquisition of 67% interest in PetroKazakstan completed
Date: 9-Jan-2007 Sources: (Xinhua Online)
PetroChina Company Limited (PetroChina) announced on Monday that it has completed the acquisition of a 67 percent interest in PetroKazakhstan (PKZ) from the 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 2.735 billion U.S. dollars last August. The acquisition was finalized last December.
The new deal further strengthens PetroChina's sustainable growth potential in international oil and gas reserves and also increases shareholder values, said a senior executive with PetroChina.
CNPC Exploration and Development and KazMunayGas, the state-owned oil and gas company of Kazakhstan, now owns 67 percent and 33 percent of interests in PKZ respectively.
CNPC took over PKZ in 2005 at a price of 4.2 billion U.S. dollars. This was 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 that included 12 oil fields and exploration licenses in five blocks in Kazakhstan and annual production of crude oil exceeding 7 million tons.
Listed in Hong Kong and New York, PetroChina operates most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesses.
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