/REUTERS, Astana, November 10, 05/ - Nursultan Nazarbayev, president of Kazakhstan approved $4.2-billion deal, as a result of which oil company PetroKazakhstan was transited under control of Chinese state company CNPC, its chief informed on Thursday.

Kazakhstan recently introduced amendments in legislation, obtaining right to block any deals with oil and other strategic assets on its territory, even if they are executed by foreign companies.

"Mister president expressed his support regarding purchase of PetroKazakhstan by Chinese national oil and gas company", - Chen Gen, CNPC head said to reporters after negotiations with Nazarbayev.

PetroKazakhstan is registered in Canada, but all operations maintains in Kazakhstan, owing also the most modern petroleum refinery - Chimkent.

As per memorandum earlier signed by Kazakhstan and China, Kazakh state company Kazmunaigas will purchase from CNPC 33% in capital of PetroKazakhstan.

[2005-11-10]