China takes 45% stake in Russia Nobel Oil group

16:44, October 16, 2009      

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According to a statement from China Investment Corporation (CIC) on Thursday, CIC will take a 45 percent stake in Russia Nobel Oil group. Hong Kong East England Group will take a five percent stake in the company while Nobel Oil will take the remaining 50 percent.

Of the 300 million U.S. dollars invested in Nobel Oil by CIC, 100 million was used for share acquisition; 50 million for daily operating expenses in oilfield.

According to the statement, the Sino-Russian joint venture will invest the remaining 150 million U.S. dollars for acquisition of the other reserve assets (about 150 million barrels) around the current oilfield within nine months.

By People's Daily Online
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