China wins PetroKazakhstan bid

China National Petroleum, the nation’s top oil firm, won Canadian court approval yesterday for a $4.18 billion (R27.6 billion) takeover of PetroKazakhstan, sealing China’s biggest energy takeover.

China’s rivals for PetroKazakhstan included Lukoil and Oil & Natural Gas, the biggest oil companies in Russia and India. China has been scouring the globe for oil to fuel the fastest-expanding major economy in the world.

BusinessReport