CNPC to sell 33% of PetroKazakh

China National Petroleum Corp has signed an agreement to sell a 33% stake in PetroKazakhstan to a state-owned Kazak oil group in order to clear political obstacles to its US$4.18 billion acquisition of the company, the Wall Street Journal reported. KazMunaiGAz will pay US$1.4 billion for the stake, thereby matching the US$55 price per share CNPC agreed to pay for the whole company in August. The move came about after the Kazak parliament passed a bill giving it the power to intervene in the sale. CNPC's offer for the company was due to be voted on by PetroKazakhstan shareholders tomorrow.