China's CITIC Group buys Kazakhstan oil assets

Oct. 26, 2006
China's CITIC Group will pay $1.9 billion for the oil assets of Canada-based Nations Energy, whose subsidiary JSC Karazhanbasmunai holds the rights until 2020 to develop the Karazhanbas oil and gas field in Mangistau Oblast, Kazakhstan.

Eric Watkins
Senior Correspondent

LOS ANGELES, Oct. 26 -- China's CITIC Group will pay $1.9 billion for the oil assets of Canada-based Nations Energy, whose subsidiary JSC Karazhanbasmunai holds the rights until 2020 to develop the Karazhanbas oil and gas field in Mangistau Oblast, Kazakhstan.

The field has proved oil reserves of more than 340 million bbl and more than 50,000 b/d in current production, CITIC said.

Contact Eric Watkins at [email protected].