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Shareholders to decide on PetroKazakhstan acquisition deal -- paper

HONG KONG, October 17 (RIA Novosti) - A special shareholders' meeting in Calgary will decide on Tuesday if China National Petroleum Corporation (CNPC) will be able to complete a $4.18 billion deal to buy Canadian company PetroKazakhstan, a Hong Kong daily said Monday.

The Asian Wall Street Journal cited a source close to negotiations as saying that CNPC had successfully completed negotiations on the deal, which would entitle it to manage Kazakh oil deposits with the country's state owned oil company KazMunaiGaz.
This summer CNPC won a tender on the acquisition of a 100% stake in PetroKazakhstan Inc. for $4.18 billion, but later the Kazakh parliament passed a bill allowing the Central Asian state to block any deal related to its strategic resources.

According to the paper, CNPC negotiated for six weeks to keep the deal alive and reached a mutually acceptable compromise with the authorities. It promised to sell a 33% stake in PetroKazakhstan to KazMunaiGaz for about $1.4 billion and to use its refineries.


(The Moscow Times 17.x.05)

 
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