China Broadband unit to set up Kazakh energy joint venture

Jan 05, 2004 01:00 AM

The China Broadband Corp. announced that its subsidiary, Big Sky Energy Kazakhstan will join with China's Shengli Oilfield Junwei Petroleum-Tech Development, to jointly exploit three blocks in the Caspian region of Kazakhstan.
"While this is Shengli's first such international venture, as operator of China's second largest oilfield and as Sinopec's largest upstream subsidiary, we believe that Shengli's considerable oilfield service and fabricating expertise will greatly support the growth of our joint operations in Kazakhstan," said Matthew Heysel, P. Eng., the company's chairman and CEO.

The China Broadband Corp is to be renamed China Energy Ventures in January 2004. The firm intends to pursue the exploitation of oil and gas opportunities in the world's most prolific basins, in partnership with national Chinese oil corporations.
The Shengli firm is a wholly-owned subsidiary of the Shengli Oilfield of the People's Republic of China, according to China Broadband. Under the agreement, Shengli will acquire 50 % of Big Sky Kazakhstan by subscribing for 10,000,000 common shares for $ 2,300,000.

The purchase price will cover payments for the acquisition of licenses ($ 1,000,000), historical costs ($ 300,000) and the establishment of production ($ 1,000,000).
Big Sky Kazakhstan, through its Kazakhstan registered subsidiary KoZhaN, holds three blocks: the Morskoe, Karatal and Dauletaly blocks, in the Caspian region of Kazakhstan.

Source: AsiaPulse via Comtex
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