CNPC buys US$ 5billion stake in Kazakhstan oil project

CNPC buys US$ 5billion stake in Kazakhstan oil project

Kazakhstan's state oil firm Kazmunaigaz announced that China National Petroleum Corp (CNPC) will be buying a stake of more than US$ 5billion in the Kashagan oil project. CNPC, sources said, could take the 8.4% stake of ConocoPhillips, who will exit the project. Sources added that CNPC would pay up to US$ 5.4billon for its stake in the giant offshore field, situated in the Caspian Sea. Kashagan, with reserves estimated at 35 billion barrels of oil in place, is expected to start producing oil for consumers in September.

China, the world’s 2nd largest economy, continues to be the most important market for companies looking for growth and Chinese companies continue to globalize by investing and selling their products in new markets; what is your company’s strategy for engaging China?

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