CNPC in talks to acquire 49% of Kazakh oil company

China National Petroleum Corp. (CNPC) is in talks with Kazakhstan’s state energy company, KazMunaiGaz (KMG), on acquiring a 49% stake in MangistauMunaiGaz (MMG), the Central Asian country’s fourth-largest oil producer, the Los Angeles Times reported. “KMG and CNPC are currently negotiating CNPC’s involvement in the purchase of MMG, and we are planning to sign some documents on that in the nearest future,” said Arzhan Takachakov, a spokesman for KMG. CNPC’s proposed purchase of the stake in MMG would consolidate Chinese energy interests in the region. MMG controls oil reserves estimated at 500 million barrels. The company has also seen interest from Russian and Indian energy companies recently. KMG did not specify the terms of the deal.