Across China: Beijing

Investment in oil and gas

China Investment Corporation (CIC), the country's sovereign wealth fund, announced yesterday it had paid $939 million for a stake in Kazakhstan oil and gas company JSC KazMunaiGas Exploration Production (KMG EP).

CIC purchased about 11 percent of the Global Depository Receipts (GDRs) of the KMG EP through CIC's wholly-owned subsidiary, the Fullbloom Investment Corp, said a statement on the CIC website. GDRs are negotiable certificates issued by banks that represent ownership of a given number of a company's shares.