China National Petroleum Corporation (CNPC), China’s largest oil and gas producer, together with Asia’s largest refiner, China Petroleum and Chemical Corporation (Sinopec), has agreed to purchase the Ecuadorian assets of Canadian oil and gas producer, EnCana. India’s Oil and Natural Gas Corporation of India (ONGC), emerged as an ‘also ran’ in the race to buy Encana, after it earlier lost out to CNPC in a bid to buy Petro Kawsakhstan. Andes Petroleum Corporation, a joint venture between Chinese petroleum companies, in which both CNPC and Sinopec hold a stake, will buy the assets of EnCana in Ecuador, in a deal valued at $1.42 billion, in cash…
Source: IIPM Publication
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