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CHINA'S CITIC ACQUIRES KAZAKHSTAN OIL ASSETS FOR US$1.91 BLN.
BEIJING, Jan 1 Asia Pulse - China's CITIC Group announced on Sunday that it has successfully acquired the Kazakhstan oil assets of Canada's Nations Energy Company Ltd. for US$1.91 billion.
It is the third largest overseas oil acquisition made by a Chinese company.
CITIC has acquired 100 per cent ownership of Nations Energy, after the Canadian company sold its non-Kazakhstan assets under an agreement signed in October.
The acquisition allows CITIC to develop the Karazhanbas oil and gas field in Mangistau Oblast until 2020. It has proven reserves in excess of 340 million barrels of oil and produces more than 50,000 barrels a day.
Under the approval of the Kazakhstan regulatory authorities for the acquisition, CITIC has granted KazMunaiGas (KMG), the state-owned oil company of the Republic of Kazakhstan, an option under to buy 50 per cent of Nations Energy.
The option is exercisable within one year and the price is based on CITIC's acquisition price.
Nations Energy's Kazakhstan oil assets include the wholly owned Argymak Trans Service LLP, which provides transport services, and Tulpar Munai Services LLP, providing drilling and training services.
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