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Chinese CEFC Energy to buy 51% of Kazakhstan's state oil company

Staff writer |
Chinese company CEFC Energy will take control of a unit of Kazakhstan's state oil and gas company which mainly owns assets in Europe.

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The agreement was part of a package of deals between the two countries, worth a total of $4 billion, signed on Sunday and Monday in Beijing in sectors including oil and gas, petrochemicals, uranium mining and telecommunications.

CEFC China Energy Company will acquire 51 percent of KMG International (KMGI), a fully-owned unit of Kazakh state oil and gas firm KazMunayGaz KMGZ.KZ. One of the sources valued the deal at $500 million to $1 billion.

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