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Kazakh Oil Firm to Buy Canadian CITIC

Kazakh oil firm KazMunaiGas E&P will pay $930 million to buy half of Canada-based Kazakh oil firm CITIC, formerly known as Nations Energy, the Kazakh firm said on Wednesday.

The acquisition is expected to be completed before the end of the year. The purchase is based on an option granted by CITIC to KazMunaiGas E&P's parent firm KazMunaiGas in December 2006.

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