As part of a campaign to boost reserves, CNPC, the Hong Kong-listed arm of mainland China's largest integrated oil producer by capacity, is paying US$140 million to increase its stake in a Kazakhstan oil venture from 40% to 60%, The Wall Street Journal reported. The increased stake is the latest bid by a Chinese oil company to acquire overseas oil assets to meet soaring demand at home, and follows CNPC's US$4.18 billion purchase of PetroKazakhstan, a deal that could be thwarted by political opposition in Kazakhstan. CNPC (Hong Kong) Chief Executive Li Hualin said in a statement the acquisition furthers the company's goal of becoming an international petroleum firm.
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