China continues energy shopping spree with joint purchase of Kazakh oil producer

ALMATY, Kazakhstan (AP)

Backed by hefty foreign currency reserves, China is doing big energy deals in Central Asia’s biggest oil supplier and elsewhere as it seeks to secure future energy supplies for its growing economy.

The purchase of the stake in MangistauMunaiGaz means that Chinese energy companies will control around 15 percent of this former Soviet nation’s current total oil output.