CITIC Resources

CITIC Resources Holdings Limited, a subsidiary of CITIC Group in China, is an integrated provider of natural resources (including petroleum, coal, metals) particularly petroleum business.

In 2007, CITIC Resources paid US$1.15 billion for oil fields in Kazakhstan and Northeast China from its parent company, CITIC Group. This accelerated CITIC Resources to transform from metal producer to oil producer. It expects to be the fourth largest oil producer in China, following Petrochina, Sinopec and CNOOC.