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China nods CNPC purchase in Japan's refiner

By Hou Lei (chinadaily.com.cn)
Updated: 2009-07-10 19:21

The National Development and Reform Commission (NDRC), the country's top economic planner, has approved Petrochina International's (CHINAOIL) purchase of a 49% stake in Japan's Nippon Oil Corp's refinery in Osaka, the commission's website said.

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CHINAOIL is a subsidiary of the China National Petroleum Corp (CNPC).

The NDRC said in its announcement that the purchase was approved in June.

Nippon Oil Corp is Japan's largest crude oil importer and oil refining company.