China’s National Petroleum Corporation (CNPC) recently announced plans to purchase Oman’s Mazoon Petrogas Company, according to a company release. Half of the firm’s $50 million shares will be purchased through CNPC’s Hong Kong subsidiary while the remaining shares will bought by the Rolly Company, another wholly-owned subsidiary of CNPC.
Established in 1998, China’s largest crude oil producer CNCP is a state-owned corporation. It possesses over 100 wholly owned, holding and joint-venture enterprises and institutions, 13 oil and natural gas production bases and 16 large-medium scaled petroleum and petrochemical enterprises. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
