China's Citic Resources Holdings to buy Kazakhstan assets from parent - report |
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Published
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Wed, 24 Jan 2007 01:52
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BEIJING (XFN-ASIA) - Citic Resources Holdings plans to pay 995 mln usd for almost half of the Kazakhstan oil assets held by parent Citic Group, making it China's fourth-largest listed oil producer, the South China Morning Post reported, citing sources.The energy and resources unit of one of China's largest state-backed conglomerates intends to exercise an option in the second quarter to buy 47.3 pct of Karazhanbasmunai, in which Citic Group bought a 97.6 pct at the end of 2006 for 1.91 bln usd, the Hong Kong newspaper said.Kazakh national energy company Kazmunaigaz has been granted a one-year option to buy another 47.3 pct from Citic Group, a provision intended to gain approval from the Kazakh government for the acquisition of the strategic asset, the report said.'Citic Resources will pay half the price paid by its parent for half the stake,' a source was quoted as saying.'It will finance it by raising debt but it may also issue shares later,' the source added.A Citic Resources spokesman declined to comment on the deal.virginie.mangin@xinhuafinance.com
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