The China National Petroleum Corporation (CNPC) has completed the transfer of a 33-percent shareholding in Canada-registered PetroKazakhstan Inc (PK) to the state oil company of Kazakhstan.

A CNPC spokesman said the firm's subsidiary, CNPCI, had signed the transfer agreement with KazMunaiGaz on July 5.

Now the two parties are negotiating on the future operation and development of PK, said the spokesman with CNPC's foreign affairs department.

CNPC saw its planned acquisition of PK through CNPCI granted an unconditional final order by a court in Canada last October. The deal totaled 4.18 billion U.S. dollars, the largest overseas takeover transaction ever made by a Chinese company.

CNPC signed a memorandum of understanding the same month with KazMunaiGas, under which KazMunaiGas would acquire a PK shareholding large enough to gain strategic control over the development of the country's mineral resources, together with the right of joint management over Kazakhstan's Shymkent refinery and its products.

PK is expected to reach its forecast oil production of 10 million tons this year, said the spokesman.

PK Inc, an international energy company registered in Canada with all its assets, includes 12 oilfields and exploration licenses in five blocks, in Kazakhstan and annual production of crude oil exceeding 7 million tons.

Source: Xinhua