State-owned China National Petroleum Corporation (CNPC) has shown an interest in paying up to US 3 Bn in the initial public offering (IPO) of Rosneft."Basically, the heads of both companies have reached a mutual understanding on the IPO investment," one source told Reuters. CNPC will pump a maximum of 3 Bn and a minimum of 500m for a stake in Rosneft, which hopes its IPO will value it at as much as 80 Bn, depending on demand.
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