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US$4.18 billion bid for oil firm accepted
The deal, China's largest ever overseas acquisition, follows three weeks after US political opposition scuttled an US$18.5 billion cash bid for Unocal by the Beijing-based China National Offshore Oil Corp Limited (CNOOC). It marks a victory for China in its rivalry with India, another of the world's most populous and energy-hungry nations, for overseas oil and gas reserves.
"We have been involved in talks with PetroKazakhstan about the purchase for a long time, and gradually worked out the successful bid, not like CNOOC's sudden intrusion into the highly-China-sensitive US energy market," said Han Xuegong, a veteran senior analyst with CNPC, who once trained those in the senior ranks of Kazakhstan's oil companies. "Kazakhstan will also benefit from its partnership with CNPC, through improvements in oil and gas exploitation technology and supply to the local market," Han added. CNPC started its overseas expansion activities more than 10 years ago, and Kazakhstan is the oil giant's second overseas market following Sudan. China and Kazakhstan are developing a 3,000-kilometre pipeline costing US$3 billion to pump crude oil to China across the Central Asian state, with the first-phase of the project to be completed by the end of this year. Land-locked Kazakhstan, which plans to triple oil output by 2015, is seeking new ways to transport oil to international markets. CNPC produced 15.63 million tons of crude oil and 1.9 billion cubic metres of natural gas from its overseas fields in the first half of this year, according to a CNPC official who refused to be identified. The parent company made a net profit of US$220 million in the six-month period from its overseas projects, selling US$1.47 billion worth of oil and gas products.
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