CNPC to buy PetroKazakhstan

Just weeks after fellow state-run oil company China National Offshore Oil Corp failed to acquire US oil producer Unocal, China National Petroleum Corp (CNPC) has agreed to buy PetroKazakhstan for US$4.18 million in what is poised to be the country's largest-ever overseas corporate takeover. The deal is set to give CNPC access to an additional 150,000 barrels of oil a day, although Indian state oil group ONGC still hopes to scupper the agreement by launching a counter-bid, Reuters reported. CNPC offered a price of US$55 per share, a 21% premium over PetroKazakhstan's closing stock price on Friday.