China National Petroleum Corp, the country's largest oil and gas producer, is in talks to buy an oil asset in Kazakhstan and will build a pipeline to the Russian border for less than 10 billion yuan (HK$11.34 billion) to expand imports, its chief says. Jiang Jiemin, the president of CNPC, the parent of listed PetroChina, said on the sidelines of the annual session of the National People's Congress that the firm was busy acquiring assets overseas after a sharp drop in oil prices made deals more attractive. 'We have been making overseas acquisitions non-stop,' he said, adding that the company was finalising a deal to pay C$499 million (HK$3.02 billion) for Canada-listed Verenex Energy, whose oil assets are in Libya. It is not clear whether the potential Kazakhstan deal will be made by PetroChina, which has CNPC's non-politically sensitive assets. CNPC owns major oil-producing assets in Sudan, whose government has been accused of genocide. Mr Jiang also said this year, PetroChina would start building a pipeline with an annual capacity of 15 million tonnes from its largest oilfield in Daqing in the northeast to the Russian border. The project, to be competed next year, would link up with a pipeline to oilfields in East Siberia to be built by Russia's Transneft. The pipeline would make up for falling output at the Daqing oilfield. Meanwhile, Mr Jiang said PetroChina had agreed to sell to Hong Kong power producer CLP Holdings 1 billion cubic metres of natural gas annually to be imported through a pipeline from Turkmenistan, and 1million tonnes of liquefied natural gas shipped from West Australia. He said PetroChina planned to build a terminal in western Shenzhen to regasify LNG from the Gorgon gas field owned by Exxon Mobil Corp, Royal Dutch/Shell and Chevron Corp. The unit has signed a deal to buy LNG from Shell and is close to signing one with Exxon Mobil. Meanwhile, Fu Chengyu, the president of China National Offshore Oil Corp, the parent of listed CNOOC, said its business of importing LNG from West Australia and distributing it in the Pearl River Delta was 'mature enough' to be sold to CNOOC, but this was being held up by poor stock market conditions. 'Amid the financial crisis, minority shareholders tend to suspect the majority shareholder might be dumping poor-quality assets to the listed unit,' he said.