/REUTERS, Singapore, August 15, 03/ - Chinese state-owned oil extracting company CNPC has bought from Saudi Arabian Nimr Petroleum 35% stake in Kazakhstan oil field North Buzachi, reserves of which may exceed one billion barrels, CNPC informed.

Chinese company also intends to buy the remaining 65% from the operator of the field - American ChevronTexaco.

"Deals with ChevronTexaco will have been made soon", - said the company's representative, who did not call the cost of the last purchase.

Now about 400,000 tons of heavy low-sulfur oil a year is extracted every year at the field, but its full-scale development has not been started yet.

CNPC, which actively expands its foreign raw stuff base, owns 86% of shares of Kazakhstan oil extracting CNPC-Aktobemunaigas, which in 2003 intends to extract about 5.2 m. tons of oil.

Kazakhstan and China examine the possibility to build oil pipeline, which will join the west of Kazakhstan, which is reach in oil, with north-eastern China.

In 2003 Kazakhstan plans to extract 53.1 m. tons of oil and gas condensate, which, along with metals, are major export goods of the country. Last year 47.2 m. tons were extracted, and by the year 2015 the country wants to increase production up to 170 m. tons a year.

[2003-08-15]