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Article: China's CIC in Russian deal.(International)(China Investment Corp.)(Brief article)
- Article from:
- The Oil Daily
- Article date:
- October 20, 2009
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Sovereign wealth fund China Investment Corp. (CIC) has made a foray into Russia's energy sector by taking a 45% stake in independent producer Nobel Oil as part of a complex takeover deal involving Hong-Kong listed Kaisun Energy.
CIC said it has agreed to invest a total of $300 million in Nobel, with an initial $100 million having gone toward the purchase of the equity stake from Nobel's Russian shareholders and $50 million put towards operating expenses in the first phase.
"In Phase II, the remaining $150 million is to be used within nine months for acquiring and ...