Bloomberg 28 June 2013
China National Petroleum Corp (CNPZ). plans to pay about $5 billion for a stake in Kazakhstan’s biggest oil field, people with knowledge of the matter said.
CNPC is planning to acquire 8.33 percent in the Kashagan project from state oil company KazMunaiGaz National Co., two of the people said, asking not to be named before the deal is public. An announcement may be made as soon as next week, two of the people said.
KazMunaiGaz will maintain its holdings in Kashagan, due to start production in September, by exercising an option to acquire 8.4 percent of the project from ConocoPhillips, the people said. While Conoco agreed to sell to India’s Oil & Natural Gas (ONGC) Corp. last year, as the state oil company, KazMunaiGaz has the right to step in and buy the shares.