PetroKazakhstan is a Canadian oil company, based in Calgary, that has much of its business focused on Kazakhstan where it has some 550 million barrels of reserves in the Turgai basin region. These are the second largest Kazakhstani proven reserves after ChevronTexaco's TengizChevroil. Motto: Heart of the new west Area: 712. ... ChevronTexaco Corporation ( NYSE: CVX) is one of the worlds largest global energy companies. ... Tengizchevroil A joint venture between ChevronTexaco, ExxonMobil,Lukarco and the Republic of Kazakhstan. ...
Formerly known as Hurricane Hydrocarbons Ltd. the company was founded in 1981 and initially operated in Western Canada. It changed to a more international focus and grew after making several major oil finds in Southern Kazakhstan. In 1996 it purchased Yuzhneftegaz from the Kazakh government, making it one of the largest players in the country. However the company ran into severe problems in the late 1990s. All the company's oil went through refineries owned by Central Asian Industrial Holdings, which used their monopoly to charge high prices. At the same time oil prices plunged. In 1999 the company was forced into receivership and almost broken up. View of the Tosco (ex Valero, originally Shell) Martinez oil refinery An oil refinery is an industrial process plant where crude oil is processed and refined into useful petroleum products. ... Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. ...
The company was saved by Bernard Isautier, a board member who had long been involved in the Canadian oil industry and in Central Asia. He became CEO and negotiated a merger with Central Asian Industrial Holdings. This eventually made the investors in both companies very wealthy, especially Isautier who had demanded no salary and was at first only paid in stock options. The rapid increase in the stock's value made Isautier by far the most generously compensated executive in Canada in 2004. In 2003 the company was renamed PetroKazakhstan to reflect that its entire operations are in that country. A stock option is a specific type of option with a stock as the underlying instrument (the security that the pay-off of the option, and therefore its value, is based on). ...
In recent years PetroKazakhstan has seen considerable conflict with the government of Kazakhstan, including a fine for anti-competitive behaviour and protests of its environmental and labour record reportedly organized by government agents. In June 2005 PetroKazakhstan announced it had been approached for a possible takeover or merger, sending stock prices up significantly. The most frequently mentioned possible suitor was a branch of India's ONGC. The stock quickly fell back down when the government of Kazakhstan announced that it would demand the right to acquire PetroKazakhstan prior to any merger. In August 2005 it was announced that China National Petroleum Corporation agreed to buy the company for US$4.18 billion. This would make the PetroKazakhstan deal the largest overseas acquisition by a Chinese company. ONGC (Oil and Natural Gas Corporation Limited) (incorporated on June 23, 1993) is a public sector petroleum company in India. ... Jump to: navigation, search THIS PAGE MAKES NO SENSE AND ITS GRAMMAR SUCKS In August 2005 it was announced that China National Petroleum Corporation (CNPC)agreed to buy the company for US$4. ...
Analysts said the price CNPC was offering was steep, particularly for a set of assets said to be past their prime, but at the same time understandable given China's growing thirst for oil to fuel its fast-growing economy.
PetroKazakhstan has a rocky relationship with Kazakh authorities, and has fallen out with Russia's LUKOIL, its partner in a joint-venture in the Central Asian country.
PetroKazakhstan shares were up 19 percent at $54.06 in morning trade on the New York Stock Exchange.
Feeds |
Contact