Kazakhstan Buys Part of China Oil Producer

ALMATY, Kazakhstan

China National Petroleum Corp. took over PetroKazakhstan last year for US$4.2 billion (euro3.28 billion). The takeover was China’s biggest foreign acquisition and the latest in a string of efforts by Beijing to secure foreign energy supplies for its booming economy.

The Kazakh government approved the takeover but immediately signaled its intention to buy part of the Calgary, Alberta-based company that has all of its energy assets in Kazakhstan.

AP