China and India join in Syria oil bid

By agencies   |   Tuesday, 29 November 2005, 08:00 Hrs
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NEW DELHI: As an English adage goes- Join them if you cant beat them came true yesterday when India's Oil and Natural Gas Corporation (ONGC) and China National Petroleum Corporation (CNPC) teamed up to bid for assets worth up to $1billion in Syria-the first time the two countries have co-operated on an oil and gas takeover.

ONGC and CNPC, both state owned are believed to be working on a joint offer to buy Petro-Canada's 38 percent stake in Al Furat Production Company, Syria's largest oil producer, which is operated and majority-owned by Royal Dutch Shell.

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