Finance / China
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PetroChina To Buy 50% Of CNPC Unit
August 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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PetroChina has reportedly agreed with its parent company China National Petroleum Corporation (CNPC) to buy a 50% stake in CNPC Exploration & Development in a deal worth US$11.8bn. CNPC Exploration has assets in several countries including Indonesia, Venezuela and Oman. PetroChina owns the other 50% of the company and started work on acquiring CNPC's stake in mid-March, with the aim of accelerating development of its overseas business in order to capitalise on high crude prices.