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CNPC Offers US$4.18 Bln for PetroKazakhstan  Rory Cox
 Aug 23, 2005 10:47 PDT 
CNPC Offers US$4.18 Bln for PetroKazakhstan

China National Petroleum Corporation (CNPC
<http://www.cnpc.com.cn/english/index.htm> ), China's biggest oil
producer, announced on Monday that it has made an offer of US$4.18
billion for PetroKazakhstan (PK) through its wholly owned subsidiary
China National Petroleum Corporation International (CNPCI).

Registered in Canada, PK is a vertically integrated international energy
company listed on the stock exchanges in the United States, Canada, the
United Kingdom, Germany and Kazakhstan.

With an annual crude oil output of 7 million tons, the company's oil and
gas assets are located in Kazakhstan, which shares a border with China.

According to company sources, CNPC has been involved in the oil and gas
business in Kazakhstan for years, fostering business relations with the
government of Kazakhstan and Kaz Munai Gaz, the national oil and gas

According to a CNPC press release, the acquisition is a strategic one
for the expansion of CNPC's business in Kazakhstan, and it serves as
part of CNPC's international development strategy.

CNPC's unique technological competitive strength and management
experience will be fully utilized to upgrade the value of the assets
acquired, and the acquisition would bring added value to shareholders of
PetroKazakhstan, according to the press release.

(Xinhua News Agency August 23, 2005)


Rory Cox - Communications Coordinator

Pacific Environment

311 California Street, Suite 650

San Francisco, CA 94104

Ph: 415/399-8850 x302

Fax: 415/399-8860



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