CNPC gets nod for stake buy

China National Petroleum Corp (CNPC), the country's largest oil and gas producer, has got government approval to acquire a stake in a commercial bank in the Xinjiang Uygur autonomous region.

The Beijing-based CNPC has got approval from the State-owned Assets Supervision and Administration Commission of the State Council and China Banking Regulatory Commission to buy the stake in Karamay City Commercial Bank, the company said in a statement.

The deal was an important step for the company to develop its own financial business, said the statement.