China spends $5B to acquire Kashagan oil field shares from Kazakhstan

09/9/2013 | Reuters

China National Petroleum will spend $5 billion to acquire shares in the Kashagan oil project in Kazakhstan from KazMunaiGas. "The two countries have agreed on China's shareholding in the development of the Kashagan deposit," Chinese President Xi Jinping said. The deal is expected to be finalized by late September or late October.

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