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Kazakhstan Buys Stake In Oil Producer From China

Kazakh President Nursultan Nazarbaev (right) with Chinese President Hu Jintao (file photo) (AFP) July 5, 2006 -- Kazakhstan's national oil company today bought a one-third stake in a major Chinese-owned company operating in Kazakhstan, PetroKazakhstan.

PetroKazakhstan is based in Canada but was acquired in 2004 by the China National Petroleum Corporation for $4.2 billion.

KazMunaiGaz said in a statement that it paid $55 a share but gave no total for the stake.

China National Petroleum Corporation is China's largest oil company.


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