CNPC to pay over US$5b in Kashagan oil stake

Chinese state oil firm CNPC will buy a stake in Kazakhstan’s giant Kashagan oil project, through back-to-back deals with Kazmunaigaz through which ConocoPhillips will exit, the Kazakh state oil firm said.

Lyazzat Kiinov, chief executive of Kazmunaigaz, confirmed the deal structure on the fringes of a summit of gas exporting nations in Moscow, telling Reuters that CNPC would pay more than US$5 billion for the stake.

via Business feed http://www.scmp.com/business/companies/article/1273708/cnpc-pay-over-us5b-kashagan-oil-stake