Sunday February 12, 2006

More China-India joint oil deals expected

business-times.asia1.com.sg :

The flagship oil firms of China and India have closed their first-ever joint acquisition, the US$580 million takeover of an asset in Syria, which would likely pave the way for more joint deals between the two Asian giants. Marc Benton, head of Asia oil and gas group of Citigroup, which advised the Chinese and Indian buyers on the purchase, said the deal was finalised last week and he reckoned more such cooperations between India and China might follow.

Petro-Canada said in December it would sell its minority stake in a Syrian oil and gas venture to China National Petroleum Corp (CNPC) and India's Oil and Natural Gas Corp (ONGC). The Syrian deal brings together an odd couple in the oil industry. CNPC and ONGC have been fierce competitors in asset auctions all year as their governments sought foreign energy sources. The price tag for Petro-Canada's 38% interest in the Syrian Al Furat venture is less than some analysts had speculated, which bankers say is the result of the joint Chinese and Indian bid.

See also :

1. Energy key in the new Asian architecture
2. Big oil is getting pushed around

(2006-02-12 20:37:52 SGT) [Energy] Permalink

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