PetroChina Co. has agreed to buy the 50% stake in a joint venture held by parent company
China National Petroleum Corp., for $11.8 billion, reports
The Wall Street Journal.
Hong Kong-listed PetroChina already owns half of the company, CNPC Exploration & Development Co., which was set up in 2005 as a joint venture with PetroChina's state-owned parent to control most of the group's overseas oil and natural-gas fields.
PetroChina has been widely expected to buy the rest of the company sometime this year. But rising oil prices, which are now roughly double their level when the joint venture was formed, helped push up the value of the remaining half.
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