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CNPC takes over of PetroKazakhstan
(AFP)
Updated: 2005-10-27 10:38
BEIJING (AFP) - China National Petroleum Corp. has acquired Canada-based
PetroKazakhstan Inc through its wholly-owned subsidiary CNPCI.
 "China National Petroleum Corporation's (CNPC) planned acquisition of
PetroKazakhstan, through its wholly-owned subsidiary CNPCI, has been granted
'unconditional' final order by the Queen's Bench Court, Calgary, Canada," the
company said in a statment.
The court approved the 55 US dollars per share, or 4.18 billion US dollars
after shareholders of the international energy company registered in Canada but
with all its assets in Kazakhstan, voted overwhelmingly in favour of the deal
last week.
Russian oil group Lukoil aimed to block the purchase until its own claims to
the Lukoil-PetroKazakhstan joint-venture Turgai Petroleum were settled.
"Lukoil made no appeal, indicating the completion of all legal procedures of
the transaction," the CNPC statement said.
PetroKazakhstan annual production capacity of crude oil exceeds seven million
tons.
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