China National Petroleum Corp. is in talks to buy an oil asset in Kazakhstan and will build a pipeline to the Russian border for less than CNY10 billion, the South China Morning Post reported Friday, citing company President Jiang Jiemin.
The report cited Jiang as saying CNPC, the parent of PetroChina Ltd. (PTR), was busy acquiring assets overseas after a sharp drop in oil prices made deals more attractive.
The report said it wasn't clear whether the potential Kazakhstan deal will be made by itself or through PetroChina.