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China-India Joint Venture Bags Oil Assets in Syria

Posted on: Wednesday, 21 December 2005, 09:00 CST

China-India joint venture bags oil assets in Syria

NEW DELHI, Dec. 20 (Xinhua) -- In a major development, a joint venture of India's state-owned Oil and Natural Gas Corporation ( ONGC) and the China National Petroleum Corporation (CNPC) has bagged some of Petro-Canada's assets in Syria in a 578 million US dollars deal.

"We have been working on this for quite some time. Instead of competing, we have been trying to work together," Indo-Asian News Service quoted Indian Petroleum Secretary S.C. Tripathi as saying. Tripathi also confirmed the deal.

Calling the deal a milestone in India-China energy cooperation, he said that the two countries are working together in Sudan and that this is the second such instance. The two sides are working jointly in other projects as well.

The Canadian energy major's assets in Syria includes 37 percent stake in Furat Petroleum Co, which operates a producing oilfield. The Syrian government and Royal Dutch Shell Group hold the remaining stake in the company.

The assets represent about 58,000 barrels of oil equivalent a day, Indian officials said.

The deal comes ahead of Indian Petroleum Minister Mani Shankar Aiyar's visit to China next month, that is expected to see an array of cooperation agreements across the hydrocarbon chain.

Source: Xinhua News Agency - CEIS

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