A wholly owned subsidiary of China-based CNPC International Ltd. has completed the acquisition of PetroKazakhstan Inc., Calgary, (NYSE: PKZ) for US$55 per share in cash, giving the transaction a total value of approximately US$4.18 billion. PetroKazakhstan is now an indirect, wholly owned subsidiary of CNPC. "We are delighted that the process which we started several months ago has been successfully concluded," says Bernard F. Isautier, chairman, president and chief executive officer of PetroKazakhstan. "CNPC has acquired a business full of opportunities and with high calibre employees. We wish them future success in Kazakhstan." PetroKazakhstan has operations in the South Turgai Basin in south central Kazakhstan. As of Jan. 1, 2005, its proved and probable reserves were 549.8 million barrels of oil equivalent. Goldman Sachs International was financial advisor to PetroKazakhstan.
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