In China's biggest foreign acquisition yet, a Canadian court has approved the US$4.2 billion takeover bid for PetroKazakhstan Inc by China National Petroleum Corp, ending attempts by Lukoil, Russia's largest private energy company, to block the deal, according to media reports. PetroKazakhstan is a Canadian company, all of whose operations are in the central Asian republic of Kazakhstan. The sale, which would give China an additional 518 million barrels of proven and probable reserves, comes as oil companies make a grab for reserves in Central Asia, one of the last great untapped oil regions in the world.
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