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39

Chinese Firm Outran Russian Oil Major

Canadian court has approved the takeover of Alberta-based oil firm

Canadian court has approved the takeover of Alberta-based oil firm PetroKazakhstan by China National Petroleum Corporation for $4.2bn.

Earlier Russian oil firm and rival suitor Lukoil to block the sale, staking out a claim for PetroKasakhstan, because the Russian company co-owns a PetroKazakhstan unit Turgai Petroleum.

The Canadian court turned down Lukoil?s claim.

Lukoil had offered to match CNPC's $4.2bn offer.