MOSCOW, August 24 (RIA Novosti) - PetroChina, a subsidiary of China National Petroleum Corporation (CNPC) said Thursday it will buy 67% of the shares in Canada's PetroKazakhstan from its parent company for $2.74 billion.
PetroChina expects to expand its reserves and improve its productivity in the Central Asian Republic of Kazakhstan, which is rich in oil and gas. The company hopes the share purchase will create a synergy effect between PetroKazakhstan enterprises and PetroChina's assets in Kazakhstan.
Under the deal, PetroChina will transfer the shares to its subsidiary, China National Oil & Gas Exploration and Development Corporation. The purchase is expected to be completed by late 2006.
