Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: Karen Lawrence who wrote (89229)	11/19/2006 11:26:48 AM
From: Wharf Rat	Read Replies (2) \| Respond to of 360995

Kazakhstan to Block Chinese Oil Purchase AFX News Limited Friday, November 17, 2006 Kazakhstan intends to block the purchase of a Canadian company's assets by the Chinese government conglomerate CITIC Group, the former Soviet republic's oil minister said Friday. "We must take extreme measures to stop the agreement on the Karazhanbas," Baktykozha Izmukhambetov said in televised remarks, referring to an oil field that is the biggest asset of Canada-based Nations Energy Co. in the Central Asian nation. The field in western Kazakhstan has proven reserves of over 340 million barrels of oil, and current production exceeds 50,000 barrels per day. Last month, CITIC said it planned to buy Nations Energy's oil assets for $1.91 billion in what would be China's third-largest acquisition of overseas oil assets. China has moved aggressively to buy up energy assets overseas to help fuel its booming economy and improve its energy security. Kazakhstan possesses the largest oil deposits in the Caspian Sea region and produces about 1.3 million barrels a day. The Karazhanbas field was in decline when Nations Energy acquired it in 1997 and drilled new wells, upgraded existing wells and added new production facilities. Its oil is transported westward and shipped to ports in the Black Sea and the Mediterranean. rigzone.com