CHINA WINS CONTROL OF MAJOR KAZAKSTANI OIL COMPANY.

TheChina National Petroleum Corporation (CNPC) has won an internationaltender for 60 percent of the stock of Kazakstan’s Aktobemunaigazoil company. CNPC will invest $4 billion in Aktobemunaigazover a 20-year period, pay an immediate $325 million bonus toKazakstan’s government, and spend $82 million on settling thecompany’s debts and on ecological rehabilitation. Aktobemunaigaz’soutput is due to double to 5 million tons by 1999. The companyhas two oilfields with proven reserves of 600 million tons ofoil and 220 billion cubic meters of gas. The government retainsa 30 percent stake in the company, and the workforce owns 10 percent.

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