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Court okays PetroKazakhstan sale to CNPC
www.chinanews.cn 2005-10-26 16:01:55
(Source: China Daily/Agencies)
BEIJING, Oct. 26 - China National Petroleum Corp, the nation's largest
oil company, won Canadian court approval for a $4.18 billion takeover of
PetroKazakhstan Inc., ending months of maneuvering by its rivals for the
oil and gas fields in Kazakhstan.
The $4.2 billion takeover of PetroKazakhstan by Chinese oil company CNPC
has won approval from a Canadian court in Alberta, PetroKazakhstan
announced Wednesday.
Calgary-based PetroKazakhstan said on Wednesday it intended to close the
deal with CNPC later in the day.
China National Petroleum Corp's rivals for PetroKazakhstan, whose fields
are located in Kazakhstan, included Russian Lukoil and Oil & Natural Gas
Corp of India.
The court approval to the bid dealt a blow to Russian oil major and rival
suitor LUKOIL. LUKOIL had asked the court in the Canadian province of
Alberta to block the CNPC deal because it said it had pre-emption rights
to buy a 50 percent stake in Turgai Petroleum, a 50/50 joint venture
between LUKOIL and PetroKaz.
"This is a streetwise deal that will be an ongoing showcase," said Winson
Fong, who manages $1.95 billion for SG Asset Management in Singapore.
"That may boost the confidence for many other state-owned companies and
provide experience on how to close a deal to acquire assets overseas."
Kazakhstan's government has already given its blessing to the CNPC deal
and has agreed to buy 33 percent of PetroKazakhstan for $1.4 billion. The
government and CNPC will also share the firm's Shymkent refinery.
LUKOIL already agreed this month to spend $2 billion on Nelson, another
Toronto-listed Kazakh producer.
In August, China��s largest offshore oil company CNOOC Ltd. abandoned an
$18.5 billion bid for American UNOCAL Corp, under political opposition in
the U.S. Congress.
It is reported that China National Petroleum Corp has agreed to sell a 33
percent stake in PetroKazakhstan to Kazakhstan's state-owned oil company
in an attempt to ease government opposition to the purchase.
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