KazMunaigaz E&P will pay $930 million to Citic to acquire the 50% shareholding in Citic Canada Energy, which technically holds 94.6% of the share capital and 100% of voting control of Karazhanbasmunai.
Karazhanbasmunai is developing the Karazhanbas field in western Kazakhstan. Proven reserves are about 364 million barrels of oil, according to a January 2007 report by international reserve auditors Miller&Lents.
Oil
