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The Chinese aren’t slowing down. Now, China National Petroleum is buying PetroKazakhstan. This is a Canadian company that does business in Kazakhstan a country that has more oil than the U.S. On his TV show, Jim Cramer thought it was Russian.

Kazakhstan held 3.3 percent of the world's oil reserves at the end of 2004, according to data compiled by BP Plc. The country's 39.6 billion barrels of oil reserves were 35 percent greater than the U.S. total. Kazakhstan produced 1.3 million barrels of oil a day last year.

The country, which is adjacent to the Caspian Sea, is almost quadruple the size of Texas. About one of every five of the 15.2 million Kazakhs lives below the poverty line, according to U.S. government estimates.

Posted by edelfenbein at August 22, 2005 2:30 PM