(EnergyAsia, June 29) Ð Canada’s PetroKazakhstan Inc has confirmed media reports that it is in discussion with several companies to be taken over.

 

In a statement, PetroKazakhstan said that it has received approaches from “a number of different parties regarding a potential corporate transaction involving either an acquisition or a merger with the company.

 

“The company is currently engaged in a confirmatory and evaluation process seeking to assess the feasibility and the terms of potential transactions.

 

“At this time, there can be no assurance that this process will lead to a potential transaction which could be recommended to shareholders as being in their best interests.”

 

Petrokazakhstan (PetroKaz), whose assets are all in the South Turgai Basin in south-central Kazakhstan in central Asia, has a market capitalisation of US$2.5 billion on the Toronto Stock Exchange. Two oil companies – one from China and the other from India – are said to be among the front runners in the auction.