08/22/05~~~>PetroKazakhstan Inc. accepts 4.2 Billion takeover bid from China National Petroleum Corp
~~> PetroKazakhstan Inc. (formerly Hurricane Hydrocarbons Ltd.) is a vertically, integrated, international energy company, celebrating its 8th year of operations in the Republic of Kazakhstan. It is engaged in the acquisition, exploration, development and production of oil and gas, refining of oil and the sale of oil and refined products.
~~> The company has been involved in joint ventures in Kazakhstan since 1991 and participated in the country's first major oil and gas privatization in November 1996. PetroKazakhstan purchased a state-owned oil production company, Yuzhneftegaz, now renamed PetroKazakhstan Kumkol Resources.
~~> In 2000, PetroKazakhstan purchased the downstream company Shymkentnefteorgsyntez (ShNOS), now renamed PetroKazakhstan Oil Products (PKOP), and became the largest private integrated oil company in Kazakhstan.
~~> As of January 1, 2005 PetroKazakhstan's proved and probable oil equivalent reserves were independently assessed at 550 million barrels. PetroKazakhstan's crude oil production is either refined in the Shymkent refinery and sold as refined products predominately in the Kazakhstani market or sold into the export market. Future exports continue to be investigated and pursued.
~~> The KAM pipeline, a PetroKazakhstan 177 kilometre pipeline, began operating in June 2003. This pipeline enhances transportation options by eliminating 1,300 kilometes of circuitous movement and has led to transportation cost savings.
~~> PetroKazakhstan has built and fully commissioned a 55-megawatt gas power plant at its field operations which reduces gas emissions and improves the local environment.
~~> In its downstream operations PetroKazakhstan continues to enhance the product state of the refinery. The start up of the Vacuum Distillation Unit in January 2004 has led to a lower yield of heavy fuel oil.
~~> Year 2005 is the fifth year that PetroKazakhstan is operating as an integrated oil company. PetroKazakhstan has become the second largest foreign producer, the largest integrated oil company and the largest supplier of refined products in Kazakhstan.
~~> In 2005, PetroKazakhstan will be designing the first phase of an Enhanced Oil Recovery project at its Kumkol fields as a means of increasing production and its reserve base.
~~> PetroKazakhstan is a low cost producer of sweet light crude sold into both the export and domestic markets. PetroKazakhstan shares trade in Canada, the United States, the United Kingdom, Europe and Kazakhstan.
Petro Kazakhstan Inc.
Sun Life Plaza, North Tower
#1460, 140 4th Avenue S.W.
Calgary, Alberta, Canada T2P 3N3
Tel (403) 221-8435
Fax (403) 221-8425
For further information please contact:
Ihor P. Wasylkiw
Vice President Investor Relations
For Investor and Public Relations e-mail: firstname.lastname@example.org
<~~~former name (Hurricane Hydrocarbons Ltd.)