Petrokazakhstan
ORG
Petrokazakhstan
The China National Petroleum Corporation bought Petrokazakhstan, a Canadian-run company that was the former Soviet Union's largest independent oil company, for $4.18 billion and spent another $700 million on a pipeline that will take the oil to the Chinese border. Kazakhstan authorities are also believed to be easing the way for Lukoil of Russia to acquire the other half of Turgai Petroleum, which it now jointly owns with Petrokazakhstan. Indeed, China is widely believed to be readying a bid for a smaller Canadian-owned oil company, Nations Energy, which produces a third of Petrokazakhstan's output. In 2005, the China National Petroleum Corporation bought Petrokazakhstan, a Canadian-run company for $4.18 billion and spent another $700 million on a pipeline that will take the oil to the Chinese border. Petrokazakhstan was the largest foreign purchase ever by a Chinese company. A local court recently awarded Lukoil a $200 million judgment against Petrokazakhstan in a dispute over how to share the oil in a common deposit.