Russian, Chinese firms battle for oil in Kazakhstan
Date: Monday, October 31 @ 04:47:31 PST
Topic: Business News; Market Research
While the government of Kazakhstan is ‘politically and historically closer to Russia, and is wary of China,’ it nonetheless believes that ‘its interest lies in a diversification of investments and export routes’
A battle between Russian oil giant Lukoil and China’s CNPC for control of key energy assets in Kazakhstan intensified last week with both sides deploying lawyers to fight for holdings in the energy-rich central Asian country.
Positioned midway between Russia and China, Kazakhstan has the highest proven oil reserves anywhere in the Caspian Sea region and is regarded as one of the most important potential sources of new crude oil supplies to world markets. The state-run CNPC, spurred by soaring Chinese demand for petroleum, won a key victory when a court in Canada gave approval on Wednesday to CNPC’s purchase of the Canada-registered firm PetroKazakhstan for a price of 4.18 billion dollars.
http://www.dailytimes.com.pk/default.asp?page=2005%5C10%5C31%5Cstory_31-10-2005_pg4_23
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