On December 12, 2007, CITIC Group of Beijing completed, through a series of transactions, the sale of 50 per cent of the outstanding voting shares of CITIC Canada Energy Limited to JSC KazMunaiGas Exploration Production of Kazakhstan for US$930 million.
CITIC Canada Energy Limited through its wholly owned subsidiary, Nations Energy Company Limited (now CITIC Canada Petroleum Limited), in addition to certain service assets, holds a 94.6 per cent interest in JSC Karazhanbasmunai, a joint stock company formed under the laws of Kazakhstan, holding 100 per cent of the mineral rights to develop the Karazhanbas Oil and Gas Field in Mangistau Oblast until 2020.
CITIC Group is one of the largest diversified investment groups in China and a transnational conglomerate whose main business operations include financial services, energy and resources, manufacturing, international contracting for engineering and construction, property development, telecommunications, investment in infrastructure and transportation, and international trade. JSC KazMunaiGas Exploration Production is the third largest oil and gas producing company in Kazakhstan.
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The CITIC legal team was led by General Counsel Johnathan Cha, CITIC Resources Holdings Limited.
Slaughter & May, with a legal team including George Goulding, Jiaxing Zhou, Jamii Quoc and Clare Halliday acted as deal counsel to CITIC. Stikeman Elliott LLP acted as Canadian counsel, with a legal team including David Lefebvre, David Taniguchi, Michael Dyck, Charles Kraus, Lisa Grams, David Weekes (tax) and Debbie Salzberger (competition).
JSC KazMunaiGas Exploration Production was represented by Squire, Sanders & Dempsey L.L.P.
