China Wins over India in Fight for Kazakhstan Oil

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China wins over India in fight for Kazakhstan OilKashagan, a vast oilfield in Kazakhstan, will be visited by Chinese President Xi Jinping on Saturday as he tours post-Soviet Central Asia to secure hydrocarbons for the world’s largest energy consumer. China’s rising influence in Central Asia can be seen in the US$5 billion deal between China and Kazakhstan which blocks an attempt of China’s global rival India to get a stake in the oilfield, the world’s largest oil discovery in five decades. Kazakh government sources confirmed that Kazakhstan will sell 8.33 per cent of the offshore oilfield to China for about US$5 billion in a deal to be signed during Mr Xi’s visit to Kazakh capital Astana on Saturday. As the officials said, the sale and purchase agreement would be signed by the heads of Kazakh national oil and gas company KazMunaiGas and China National Petroleum Corp (CNPC).