JSC KazMunaiGas signed a Sale and Purchase Agreement to Acquire a 50% stake in CITIC Canada Energy
Source: www.gulfoilandgas.com 11/8/2007, Location: Asia
JSC KazMunaiGas Exploration Production announced that it has signed the sale and purchase agreement to acquire a 50% stake in CITIC Canada Energy Limited ) from CITIC Group. The sale and purchase agreement was signed at a meeting of Kazakhstan and China intergovernmental commission held in Astana on November 8, 2007 other documents related to this transaction have also been signed on the same day.
Earlier, on October 3, 2007 the Board of Directors of KMG EP has approved a series of transactions to acquire a 50% stake in CCEL. The acquisition is subject to certain regulatory approvals and is expected to be completed in early December this year.
