Sinopec plans to bid for Kazakh oil company to face competition from India
After the tender offer was issued on June 22, CNOOC and Unocal will enter the negotiation stage. At the same time, Sinopec, China’s second-largest oil company, may issue another offer for international acquisitions this week. The target of this purchase is Kazakhstan’s oil company with a market capitalization of US$2.5 billion.
According to foreign reports, oil producer PetroKazakhstan is considering selling and Goldman Sachs, which advises the company, expects to receive bids later this week.
Quotes will come from China, India, and a Western company. PetroKazakhstan disclosed the independent evaluation data that the company has confirmed and may contain 550 million tons of crude oil reserves in South Turgai Basin in southern central Kazakhstan.
Chinese and Indian companies have already taken the lead in acquisitions. The news also revealed that CNOOC does not participate in the acquisition.
The secretary of the Dongfang Secretary of the Sinopec Chen Ge confirmed to the Morning Post that Sinopec was operating the acquisition of the PetroKazakhstan company. However, according to the usual practice, it was the group company. For details of the incident, he also said that he did not know much about it.
Yesterday, the reporter contacted Goldman Sachs Asia to interview the matter and public relations manager Zhang Dongmei told reporters that Goldman Sachs was responsible for the business of Kazakhstan Petroleum Company, specifically the New York side. As for whether the Chinese company will issue a bid this week, she said that it cannot be disclosed at the moment. She also stressed that because the acquisition is subject to many factors, the final result cannot be determined. Zhang Dongmei also declined to disclose the names of Indian companies that may initiate the acquisition.
Kazakhstan is the only way for Chinese companies to enter the Caspian Sea to develop oil. At present, the Kasagan Oil Field in the region is one of the world’s largest and most significant oil and gas exploration discoveries in 30 years, and it is expected that the reserves available for exploitation will be up to 130 billion barrels of oil equivalent. Kazakhstan's Kasagan Oilfield has a reserve of 1 billion tons. It is estimated that by the year 2010, the annual oil production in Kasagan Oilfield will reach 80 million tons, and in 2015 it will reach 150 million tons.
At present, the share price of Kazakh oil company listed in New York has dropped by 30%, and in March this stock hit a historical highest closing price of 47 dollars. The stock closed 1.2% higher at 32.51 on Friday. The company’s first-quarter revenue was US$503 million and net profit was US$166 million.
According to foreign reports, oil producer PetroKazakhstan is considering selling and Goldman Sachs, which advises the company, expects to receive bids later this week.
Quotes will come from China, India, and a Western company. PetroKazakhstan disclosed the independent evaluation data that the company has confirmed and may contain 550 million tons of crude oil reserves in South Turgai Basin in southern central Kazakhstan.
Chinese and Indian companies have already taken the lead in acquisitions. The news also revealed that CNOOC does not participate in the acquisition.
The secretary of the Dongfang Secretary of the Sinopec Chen Ge confirmed to the Morning Post that Sinopec was operating the acquisition of the PetroKazakhstan company. However, according to the usual practice, it was the group company. For details of the incident, he also said that he did not know much about it.
Yesterday, the reporter contacted Goldman Sachs Asia to interview the matter and public relations manager Zhang Dongmei told reporters that Goldman Sachs was responsible for the business of Kazakhstan Petroleum Company, specifically the New York side. As for whether the Chinese company will issue a bid this week, she said that it cannot be disclosed at the moment. She also stressed that because the acquisition is subject to many factors, the final result cannot be determined. Zhang Dongmei also declined to disclose the names of Indian companies that may initiate the acquisition.
Kazakhstan is the only way for Chinese companies to enter the Caspian Sea to develop oil. At present, the Kasagan Oil Field in the region is one of the world’s largest and most significant oil and gas exploration discoveries in 30 years, and it is expected that the reserves available for exploitation will be up to 130 billion barrels of oil equivalent. Kazakhstan's Kasagan Oilfield has a reserve of 1 billion tons. It is estimated that by the year 2010, the annual oil production in Kasagan Oilfield will reach 80 million tons, and in 2015 it will reach 150 million tons.
At present, the share price of Kazakh oil company listed in New York has dropped by 30%, and in March this stock hit a historical highest closing price of 47 dollars. The stock closed 1.2% higher at 32.51 on Friday. The company’s first-quarter revenue was US$503 million and net profit was US$166 million.
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