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Anonymous asked in Business & FinanceCorporations · 1 decade ago

Indian, Chinese Oil Companies Buy Stake in US Firm?

Chinanews, Aug 14, 2006) Aug. 14 - India's State-owned ONGC Videsh Ltd (OVL) and China's Sinopec jointly bought 50 percent stake in U. S. firm Omimex de Columbia, Indo-Asian News Service reported Sunday.

The news agency quoted an anonymous official of OVL as saying that the three firms had exchanged papers for share transfer on Friday and OVL will have 25 percent stake while Sinopec has the rest 25 percent.

The deal has implicated about 800 million U.S. dollars, the source said.

Omimex de Columbia had been a 100 percent subsidiary of Omimex Resources based in the United States.

This is the second case ONGC Videsh has done with a Chinese company. It had earlier joined hands with the China National Petroleum Company International to acquire about 37 percent stake in the Syrian oilfields from Canadian oil company Petro-Canada at a price of 484 million U.S. dollars.


1 Answer

  • 1 decade ago
    Favorite Answer

    Blech I like India but I don't trust China.

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