CNPC (HK) Ltd Acquires Additional Azerbaijan Assets

CNPC (Hong Kong) Ltd will acquire 31.41 percent of an oil company active in Azerbaijan for US$10.5 million. This is the company's second acquisition in three months in Azerbaijan. CNPC Hong Kong will buy the stake in Commonwealth Gobustan Ltd from Switzerland-based Rosco S.A. under an agreement signed earlier this month.

Via a wholly-owned unit Smart Achieve Developments Ltd, CNPC Hong Kong said it has also agreed to acquire 30 percent of a US$20 million unsecured loan extended by the vendor, which now has a 62.82 percent stake in Gobustan. Gobustan has an 80 percent participating interest in several blocks in Azerbaijan to carry out oil exploration, development and production. Gobustan had a net asset value of US$3.58 million at the end of last September, it said. The remaining 37.18 percent stake in Gobustan is held by Commonwealth Oil & Gas Co Ltd, which is independent of CNPC Hong Kong and its directors.

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