<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published October 1, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>CIC buys stake in Kazakh energy firm
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(BEIJING) Chinese sovereign wealth fund China Investment Corp (CIC), fresh from a series of investments in the global commodities sector, said yesterday that it had purchased a stake in a Kazakhstan oil and gas company.
The deal comes less than two weeks after CIC bought a 14.5 per cent stake in commodities trading firm Noble Group, lent Indonesian coal-miner PT Bumi Resources Tbk US$1.9 billion and sealed a cooperation pact with commodity trader Glencore.
CIC said it paid US$939 million for about 11 per cent of the Global Depositary Receipts (GDRs) of JSC KazMunaiGas Exploration and Production through its wholly owned subsidiary, Fullbloom Investment.
'The transaction was started from 14 July, 2009, and all necessary registration processes have now been completed,' the company said on its website.
The Kazakh firm's shares are listed on the Kazakhstan Stock Exchange and its GDRs are listed on the main market of the London Stock Exchange, CIC said. After suffering big blows from eye-catching investments in several Wall Street financial firms last year, CIC has shifted its focus to industrial firms, especially those in the energy and commodities sector.
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</TD></TR></TBODY></TABLE>The US$300 billion sovereign wealth fund was also in talks with Inner Mongolia Baotou Steel Rare- Earth Hi-Tech through a domestic subsidiary to set up a firm specialising in exploration and stock building of rare earth, a metal used in high-tech devices and green products.
China's insatiable appetite for commodities and energy resources has spurred its state enterprises to expand their trading teams and flex their pricing muscle in global markets.
CIC's investment in the Kazakhstan oil and gas firm piles onto already hefty investments made by Chinese energy firms such as CNPC, Citic Resources and Sinopec. -- Reuters
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>CIC buys stake in Kazakh energy firm
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(BEIJING) Chinese sovereign wealth fund China Investment Corp (CIC), fresh from a series of investments in the global commodities sector, said yesterday that it had purchased a stake in a Kazakhstan oil and gas company.
The deal comes less than two weeks after CIC bought a 14.5 per cent stake in commodities trading firm Noble Group, lent Indonesian coal-miner PT Bumi Resources Tbk US$1.9 billion and sealed a cooperation pact with commodity trader Glencore.
CIC said it paid US$939 million for about 11 per cent of the Global Depositary Receipts (GDRs) of JSC KazMunaiGas Exploration and Production through its wholly owned subsidiary, Fullbloom Investment.
'The transaction was started from 14 July, 2009, and all necessary registration processes have now been completed,' the company said on its website.
The Kazakh firm's shares are listed on the Kazakhstan Stock Exchange and its GDRs are listed on the main market of the London Stock Exchange, CIC said. After suffering big blows from eye-catching investments in several Wall Street financial firms last year, CIC has shifted its focus to industrial firms, especially those in the energy and commodities sector.
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China's insatiable appetite for commodities and energy resources has spurred its state enterprises to expand their trading teams and flex their pricing muscle in global markets.
CIC's investment in the Kazakhstan oil and gas firm piles onto already hefty investments made by Chinese energy firms such as CNPC, Citic Resources and Sinopec. -- Reuters
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