Middle East Economic Survey

VOL. XLVIII

No 45

7-November-2005

CASPIAN

CNPC Claims Pre-Emptive Rights To North Buzachi Despite Lukoil Purchase

The China National Petroleum Corp (CNPC) has notified Canadas Nelson Resources that it is claiming pre-emptive rights to the North Buzachi oilfield, in which it holds a 50% stake. Last month Russias Lukoil bought 65% of Nelson Resources and plans to purchase 100% of the company for $2bn if 75% of shareholders agree during a general meeting in December (MEES,...