China: CNPC Inks Strategic Cooperation Agreement with CITIC

On October 9 in Beijing, CNPC and China International Trust and Investment Corporation (CITIC) signed a strategic cooperation memorandum and a framework agreement on overall oil and gas cooperation in Kazakhstan.

CNPC President Jiang Jiemin and CITIC Chairman Chang Zhenming had a friendly discussion on promoting cooperation between the two sides, and signed the memo. CNPC Vice President Zhou Jiping and CITIC President Tian Guoli signed the framework agreement.

CITIC is the largest comprehensive enterprise group in China, with 81% of its total assets in the financial sector, and 18% in real estate, civil infrastructure, project contracting, resources and energy, manufacturing, and IT businesses. In recent years, CITIC has been engaging in the investment and management of oil and gas projects in Kazakhstan, Indonesia and other countries.

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Source: CNPC, October 10, 2011;