citic-shells-out-191-billion-for-kazakhstan-oil-assets

CITIC shells out $1.91 billion for Kazakhstan oil assets

CITIC to purchase the oil assets of Nations Energy in Kazakhstan for $1.91 billion, in the latest in a series of Chindia M&A transactions in the energy sector.
Beijing-based China International Trust Investment Corp CITIC said yesterday it will pay $1.91 billion, before adjusting for cash and debt, for the Kazakhstan oil assets of Nations Energy Company, making it the second Chinese company in just over a year to buy oil assets in the former Soviet state.

Beijing has been encouraging Chinese companies to secure more oil resources abroad in an attempt to meet the growing demand for energy at home.

Zhang Jijing, director of CITIC, says the acquisition will provide CITIC with a proven base for its overseas energy business expansion strategy in one of Central Asia's most dynamic and successful oil producing countriesö.

The assets comprise the mineral rights, until...
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