PetroChina bids for Central Asia oil producer
17 August 2005
A joint venture between PetroChina and China National Petroleum Corp, its unlisted parent, has bid about US$3.2bn for PetroKazakhstan, entering into competition with India's Oil & Natural Gas Corp which, in conjuction with steel billionaire Lashmi Mittal, has offered US$3.5bn for the Central Asian oil producer, The Standard of Hong Kong reported, citing sources familiar with the situation. PetroChina has been largely frustrated in its attempts to acquire overseas oil reserves, while CNPC has acquired a worldwide portfolio. Goldman Sachs is working with PetroKazakh on the deal.
