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26

CNOOC Sells Petrokazakhstan Stake: Rumors

The Wall Street Journal reported Tuesday the deal by CNPC to sell a 33 to 50 percent stake in PetroKazakhstan

China National Petroleum Corp. has denied the information, that it negotiates with Kazakhstan's state-owned oil firm on selling as much as half of its US$4.18 billion acquisition of PetroKazakhstan.

The Wall Street Journal reported Tuesday the deal by CNPC to sell a 33 to 50 percent stake in PetroKazakhstan Inc., a Canadian firm with operations in the neighboring central Asia state, to KazMunaiGaz was expected to be sealed in the next few weeks.

"There are no such talks," said a spokesman for CNPC's International Department.

CNPC won an auction for PetroKazakhstan in August, beating a competing bid by a joint venture between ONGC Videsh Ltd., the international arm of India's state-controlled Oil & Natural Gas Corp., and an investment company owned by steel tycoon Lakshmi Mittal.

The losing consortium has said it is still considering making a higher counter bid.