/INTERFAX-KAZAKHSTAN, Aktobe, September 01, 06/ - Chinese national oil-gas corporation (CNPC) in the current year intends to invest about $400 m. to the development of its daughter structure CNPC-Aktobemunaygas (in Aktubinsk region of Kazakhstan, in the west).

Meanwhile in the past year the volume of investments totaled $350 m., informed the general director of CNPC-Aktobemunaygas JSC Van Chjuntsay on the grand meeting devoted to Day of oil industry worker and 40th birthday of Oil and gas extracting administartion Kenkiyakneft, on Friday in Aktobe (administrative center of region).

By his data, since year 1997, when CNPC had purchased the main stake in Aktobemunaygas, the Chinese company had invested into daughter more than $1,4 bn.

"Growth of capitalization of CNPC-Aktobemunaygas lead it out to the first palce among tax payers of Aktubinsk region. The yearly deductions to budget are on the level more than $70 m", - the head of the company stressed.

Van Chjuntsay also had informed that CNPC-Aktobemunaygas in the current year intends to extract 6 m. 60 th. tons of oil against 5.8 m. tons in year 2005.

"CNPC-Aktobemunaygas is the largest oil-extracting company in Aktubinsk region, it is working the fields: Zhanazhol, Kenkiyak persalty and Kenkiyak undersalty.

In year 1997 CNPC as a result of two-sided Kazakhstan-Chinese agreements become the owner of 60.2% of Aktobemunaygas JSC's shares, after what this Kazakhstan company was reformed to Joint Venture CNPC- Aktobemunaygas. In the end of May 2003 Kazakhstan had sold the whole state shareholding of the company (in size of 25.12%) to the Chinese side.

As of beginning of July of the current year 60.33% of shares belong to CNPC Exploration and Development Company Ltd., 25,12% - CNPC International (Caspian) Ltd.

[2006-09-04]