BBC Chinese recently reported that, when Chinese President Xi Jinping visited Kazakhstan, PetroChina and KazMunaiGas signed an oil and gas supply agreement valued at US$30 billion. The deal includes selling China an 8.33 percent ownership interest in the Kashagan Oilfield, which is worth US$5 billion. The agreement also covers that China will help Kazakhstan build an oil refinery by providing a US$3 billion loan. Kashagan Oilfield, discovered in the past 50 years, is the world’s largest oilfield. Its current mineable scale is at nine to thirteen billion barrels. The Chinese purchase of the oilfield share stopped the competition from India. China has been involved in the Kazakhstan oil industry for many years now. Kazakhstan is a neighboring country of China. It is five times the size of France with a population of only seventeen million.
Source: BBC Chinese, September 7, 2013