Russian, Indian, Chinese Groups Mull Takeover Of PetroKazakhstan

ENERGY TECH

illustration only

Moscow (AFP) Jun 28, 2005
The oil groups LUKoil of Russia, ONGC of India and CNPC of China have begun negotiations that could lead to their acquisition of PetroKazakhstan of Canada, the newspaper Kommersant reported Tuesday.

PetroKazakhstan, which extracts oil in the central Asian state of Kazakhstan, has confirmed that it is weighing offers for a merger or acquisition. Kommersant, citing a source close to the company in Canada, said talks with the three would-be buyers were in a "preliminary stage."

The paper recalled that Kazak authorities on several occasions had signalled their objection to a strengthening in the presence of Chinese companies in the energy sector.

PetroKazakhstan has reserves estimated at 549.8 million barrels of crude oil and turns out 152,500 barrels a day.

The group is capitalized at 2.5 billion dollars (2.1 billion euros) and is quoted on the Toronto, New York and London exchanges.

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TERRADAILY

Kyrgyzstan Says Democracy Is On The Way

Washington (UPI) June 14, 2005
The acting foreign minister of Kyrgyzstan played down fears her country's "Tulip Revolution" in March would end up replacing one authoritarian regime with another.

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