Citic Group, one of China's largest state-owned conglomerates, clinched a deal to buy the Kazakhstan assets of Nations Energy of Canada for US$1.9 billion, the South China Morning Post reported. The acquisition includes a 100% stake in Karazhanbasmunai, which has exclusive rights until 2020 to develop the Karazhanbas oil and gas field in southwestern Kazakhstan, according to a joint statement by the two companies. The field has proven reserves of more than 340 million barrels of oil and a daily output of more than 50,000 barrels. Citic director Zhang Jijing said the firm plans to do a feasibility study on building a medium-sized refinery mainly to serve the local market. The deal still needs approval from the Kazakh government.