New Acquisition Will Add To Confusion Over MMG

April 24 saw China National Oil and Gas Exploration and Development, a 50:50 joint venture (JV) between two China National Petroleum Corporation (CNPC) subsidiaries, has signed an agreement with Kazakhstan's KazMunaiGaz (KMG) for the purchase of Kazakhstan's MangistauMunaiGaz (MMG) for US$3.3bn, according to Xinhua Economic News on April 24. The news will only add further confusion over the acquisition of MMG, and CFW expects the exact purchasing price, size of the stake and who the shares will be bought from is likely to only be revealed when a deal is finalised, which is expected before end-July 2009.

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