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India's ONGC, China's Sinopec to buy stake in US oil firm
AFP
NEW DELHI
Petroleumworld.com 08 14 06
India's state-run Oil and Natural Gas and China's Sinopec have jointly won a bid for 50 percent in oil company Omimex de Colombia, an executive with the Mumbai-based firm said Monday.
"Yes, we have won the bid for 50 percent stake, of which ONGC will have half the share," the Oil and Natural Gas Corp executive, who declined to be named, said from India's financial capital Mumbai.
He said the 800-million-dollar deal was likely to be concluded by the end of the month.
Omimex de Colombia, Ltd has fields in Colombia with proven reserves of around 157 million barrels of oil and is fully owned by Omimex Resources, Inc, a US-based oil and gas exploration and production company.
This is the second major joint oil deal between Asian giants and economic rivals. India and China have been cooperating in securing energy assets in third countries to fuel their fast-growing economies.
In December Indian and Chinese energy firms joined hands to buy Petro-Canada's 37-percent stake in Syrian oil fields for 573 million dollars.
In January the two rising economic giants formalised their cooperation by signing an agreement to secure global energy assets.
In June, an Indian official said the two were planning a joint bid for oil assets in the Central Asian country of Kazakhstan.
China consumes 6.5 million barrels of oil every day, or eight percent of world consumption. It is forced to import more than 40 percent of its supplies.
India consumes 2.5 million barrels of oil a day, of which close to 70 percent is imported.
AFP 14 0806 GMT 08 06
Copyright ©2006 AFP. All Rights Reserved.
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