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Chinese oil company 2 Beijing


dollar
string of deals to develop oil and gas fields and buy fuel
supplies from countries as far-flung as Sudan, Venezuela
and Australia.
During a visit to Kazakhstan in early July, Chinese
President Hu Jintao agreed to boost strategic ties with the
energy-rich Central Asian nation neighboring China. Hu and
Kazakh President Nursultan Nazarbayev signed a strategic
partnership declaration after talks in the capital, Astana.
CNPC already owns oil exploration and production licenses
in Kazakhstan and is a partner with Kazak state-owned oil
company KazMunaiGaz in the construction of a 988-kilometer
(620-mile) pipeline to carry oil to China.
CNPC is the parent company of PetroChina Co. Ltd., China's
biggest oil producer. PetroChina's shares are traded on
stock exchanges in Hong Kong and New York.
PetroKazakhstan is based in Calgary, Canada but all of its
operations are in Kazakhstan.
Kazakhstan currently exports about 800,000 barrels of oil
a day and is expected to become one of world's top oil
suppliers within two decades.

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