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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (35683)	8/22/2005 2:11:23 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

HONG KONG, Aug. 22 - China's biggest state-owned oil company agreed today to pay $4.18 billion for a Canadian oil company with substantial reserves in Kazakhstan, China's largest foreign acquisition yet. The China National Petroleum Corporation outbid India's state-owned Oil and Natural Gas Corporation in reaching a deal to acquire PetroKazakhstan. The bidding underlined growing competition for oil resources by the world's two most populous countries, both of which are rapidly increasing their oil imports. PetroKazakhstan's acceptance of the C.N.P.C. bid is a consolation prize for China's oil industry nearly three weeks after another state-controlled Chinese company, Cnooc Ltd., withdrew its $18.5 billion offer for Unocal following strong opposition in the United States Congress. Cnooc and the third of China's three state-owned oil giants, Sinopec, had also tried and failed to buy into Kazakhstan's huge Kashagan field two years ago. nytimes.com