ONGC-CNPC acquires Syrian oil field

By agencies   |   Wednesday, 21 December 2005, 08:00 Hrs
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NEW DELHI: IndiaÂ’s largest integrated oil company Oil and Natural Gas Corp and China National Petroleum Corp have jointly won the bid to acquire about 37 percent stake in Syrian oilfields of Canadian oil company Petro-Canada for Euro 484 million.

This was the first instance of the two state owned oil giants making a joint bid for acquiring oil properties overseas. The two oil companies often competing against each other in the race for acquiring overseas energy assets are sharing equity in 50:50 ratio.

Eight firms had bid for acquiring stakes in Petro-Canada's facility in Al Furat venture in Syria.

"Its an important milestone. We have been working on this for quite some time. Instead of competing wherever possible we should work together," Petroleum Secretary S C Tripathi said.

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