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PDVSA and CNPC are jointly surveying a field in the Orinoco Basin estimated to hold another twenty billion barrels of heavy oil, which they plan to develop in conjunction with a new refinery in eastern China. As part of a 1997 agreement with Kazakhstan, CNPC (China National Petroleum Company) purchased a 60 percent stake of the Aktyubinsk oil company, furthering its ownership position by purchasing an additional 25 percent stake in May 2003. CNPC [China National Petroleum Corporation] has acquired oil concessions in Azerbaijan, Canada, Kazakhstan, Venezuela. |
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