Kazakhstan's national energy company KazMunayGas (KMG) and China Energy Company Limited (CEFC) signed an agreement to establish a joint venture company for collaboration in joint projects, KMG announced on Sunday.
According to the company, in Friday's agreement CEFC will have a 51 percent share of the new company while KMG will have a 49 percent share.
According to agreement, the new company will be established through Kazmunaygaz International N.V., a subsidiary of KMG in Romania.
KMG, the state-owned oil and gas company of Kazakhstan, is among the top three Kazakh oil producers. It was founded in 2002 by merging Kazakhoil and Oil and Gas Transportation company.
CEFC is a private Chinese conglomerate. With revenue of $35 billion in 2014, the company is among the 10 largest private companies in China.
Writing by Huseyin Erdogan