China Sinochem near $320 mln deal to buy Kazakh oil firm

BEIJING, Nov 5 (Reuters) - China's state-run Sinochem Corp is near a deal worth about $320 million to buy an independent oil firm in Kazakhstan, industry sources told Reuters on Thursday.

"The deal will be concluded soon," said one source familiar with the talks, adding that the target firm is currently producing about 4,000 barrels per day of oil.

The deal, which has won Kazakh government approval, marks another investment by state-owned Chinese oil firms in the resource-rich central Asian neighbour, though the size is dwarfed by the multi-billion-dollar pacts clinched previously.