| Kazakhstan’s state oil company has been defeated in its attempt to tighten control over its London-listed subsidiary after investors led by China’s sovereign wealth fund voted against the deal. The voting figures imply that China Investment Corporation, which is KMG EP’s largest minority shareholder with a stake of about 11 per cent, voted against the deal.
The role of the sovereign wealth fund, which rarely plays the role of activist investor, underscores Beijing’s growing sway in central Asia’s energy industry as it steps up investment in the region on the back of its One Belt One Road initiative. Chinese companies own close to a quarter of Kazakhstan’s oil production...............................................Full Article: Source
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