|
|
Article: Sinopec buys into Syria.(IN BRIEF)
- Article from:
- International Petroleum Finance
- Article date:
- October 1, 2008
CopyrightCOPYRIGHT 2008 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
China's state Sinopec agreed to buy Calgary-based Syria-focused independent Tanganyika Oil for US$2 billion.
Sinopec's offer of C$31.50 (US$30.44) per share was a big premium to the C$17.50 at which Tanganyika's shares were trading before the company confirmed it had received an approach.
India's state Oil and Natural Gas Corp (ONGC) was also reported to be keen on Tanganyika. China and India agreed not to compete against each other for foreign assets following ONGC's $2.5 billion acquisition of UK-listed Russian company Imperial Energy last month (IPF Sep.,p13).
Tanganyika holds operating interests in two Syrian production sharing agreements ...