CITIC to become fourth-largest oil producer
10 May 2007
Hong Kong listed CITIC Resources will become the fourth-largest oil producer in China after a purchase of an oil asset in Kazakhstan and an oil field in Bohai Bay for US$1.15 billion. The company will follow PetroChina, Sinopec and CNOOC in total oil output, the Standard of Hong Kong reported. The company will buy a 50% interest in JSC Karazhanbasmunai, Argymak Trans Service and Tulpar Munai Services. The stakes are currently owned by CITIC Resources parent company. The purchase heralds an increased focus at CITIC Resources on oil and gas with oil revenue expected to become the largest profit contributor, according to chairman Peter Viem Kwok.