State-owned Chinese oil company CNPC plans to buy PetroKazakhstan for $4.18 billion, the companies said on Monday, in what would be China’s first successful takeover of a foreign-listed energy firm and the latest move in its aggressive push to secure more oil.
The deal would give CNPC access to PetroKazakhstan’s 150,000 barrels per day of production, a small fraction of China’s 6 million barrels per day of consumption but a step for the world’s second-largest oil-consuming nation and its fastest-growing major economy.
