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Xinjiang International To Join Oilfield Purchase In Kazakhstan

Oil&Gas Materials 19 April 2011 13:43 (UTC +04:00)

Xinjiang International Industry's wholly-owned subsidiary, Hong Kong Zhonghao Tairui Investment, will inject capital into Shenhai Petroleum and Natural Gas (HK) to join its purchase of oilfield in Kazakhstan, Captive Vue reports referring to China Securities Journal.

Zhonghao Tairui signed letters of intent with Shenhai Petroleum and United Resources Investment Holding to boost registered capital of Shenhai Petroleum to $236 million from HK$20 million. Following that, Zhonghao Tairui, Untied Resources, and the original shareholders of Shenhai Petroleum will respectively hold 33, 34, and 33 percent stakes in Shenhai Petroleum.

Shenhai Petroleum provides oilfield technical services and trades in oilfield equipment and materials. United Resources specializes on resources investment.

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