The nation's largest oil and gas producer, China National Petroleum Corp (CNPC), yesterday reached an initial agreement with PetroKazakhstan Inc to buy the Canadian-registered company for US$4.18 billion, topping the bid from an Indian rival.
"CNPC, through its wholly owned subsidiary China National Petroleum Corporation International (CNPCI), has participated in acquiring PetroKazakhstan (PK)," the Beijing-based oil giant said in a statement yesterday
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