China, India oil firms bid for Petro-Canada fields in Syria
: "SINGAPORE: China National Petroleum Corp and India's Oil and Natural Gas Corp are jointly bidding for Petro-Canada's US$1bil oil and gas fields in Syria, a source said yesterday.
This is the first time the Chinese and Indian oil giants are teaming up in their efforts to buy overseas reserves to feed their booming economies.
The Syrian assets ? Petro-Canada's interest in a major Syrian oil and gas joint venture with Royal Dutch Shell-operated ? were valued at about US$1bil or more, said the source.
Petro-Canada said in September it might sell its 38% stake in the Shell-operated Al Furat venture in Syria, which accounts for about 70,000 barrels of oil equivalent of the company's daily output.
There were other bidders for the assets, the source said.
The source and analysts said Petro-Canada was selling the assets to reduce its political risk profile. ? Reuters
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