| Two subsidiaries of the state-owned China National Petroleum Corp (CNPC), China National Oil and Gas Exploration and Development Corp (CNODC) and CNPC (Hong Kong) Ltd, will invest in the oilfields of Azerbaijan, according to Friday's China Daily.
They agreed to pay 26 million U.S. dollars each to buy a 30 percent stake from the European Bank for reconstruction and development of two oilfields in Azerbaijan.
The purchase came just a week after rival CNOOC, the nation's third largest oil giant, finalized a 600 million U.S. dollars acquisition stake in five oilfields in Indonesia from the Spanish oil giant, Repsol-YPE, one of the largest European oil companies.
"The investment in the largest existing onshore oil operation in Azerbaijan is a major step in establishing CNODC's presence in the high profile Caspian region," Zhou Jipeng, president of CNODC,was quoted as saying. |
