CNOOC may join CNPC in YPF bid.Byline: HONG KONG: China's top offshore oil and gas producer CNOOC CNOOC China National Offshore Oil Corporation is in discussions to support China National Petroleum Corp's (CNPC CNPC China National Petroleum Corporation CNPC Centro Nacional de la Productividad y la Calidad (Chile) CNPC Commander, Navy Personnel Command CNPC China National Philatelic Corporation (Chinese stamp authority) ) expected $14.5 billion bid for Spanish oil major Repsol's Argentine unit YPF YPF Yacimientos Petrolíferos Fiscales (Argentina) YPF Esquimalt, British Columbia, Canada (Airport Code) YPF Young Peoples Fellowship , a source with direct knowledge of the matter said. CNPC, parent company of top Asian oil and gas company PetroChina, is in talks to buy 75 per cent of YPF, sources said. CNOOC is now in discussions to launch a joint bid with CNPC and is eyeing 25 per cent of YPF, a source told Reuters. The source was not authorised to speak publicly about the matter and declined to be identified. "All the parties involved are in discussion for a joint bid," the source said, adding that the process is at an early stage. A CNOOC spokesman was not immediately available for comment. Chinese state oil companies have been tasked with securing energy supplies to fuel a fast-growing economy, and if the Repsol deal went ahead it will mark the latest in a string of foreign takeovers, including a $7.2 billion bid for Swiss oil explorer Addax addax (ăd`ăks), large, desert-dwelling antelope. It is a single species, Addax nasomaculatus. The addax is yellowish-white in color, has a brown mane and throat fringe, and may stand as high as 42 in. (106 cm) at the shoulder. Petroleum by Sinopec Group. CNOOC is being represented by JPMorgan, while Morgan Stanley is representing CNPC and Goldman Sachs is advising YPF on the sale, sources previously told Reuters. India's Oil and Natural Gas Corporation Oil and Natural Gas Corporation Limited (ONGC) (incorporated on June 23, 1993) is an Indian public sector petroleum company. It is a Fortune Global 500 company, and contributes 77% of India's crude oil production and 81% of India's natural gas production. and Russian companies are also eyeing YPF, although a timetable for formal bids remains unclear. YPF has more than 30,000 employees, controls over half of Argentina's refining capacity and nearly 40 per cent of the country's oil output. It holds mineral rights to 21 exploration blocks and 92 production blocks in Argentina, according to the company. As of end-2008, YPF owned 1,678 service stations. CNPC -- which in 2007 failed twice to buy all of YPF's Latin American assets amid wrangling over terms -- had yet to put a bid on paper, sources said. China's National Development and Reform Commission The National Development and Reform Commission (NDRC) is a powerful macroeconomic management agency under the Chinese State Council, which has broad administrative and planning control over the Chinese economy. Since 2003 the Commission has been headed by Ma Kai. (NDRC NDRC National Development and Reform Commission (China) NDRC National Defense Research Committee NDRC National Defense Research Council NDRC Nevada Desert Research Center ) has historically decided which company can proceed with deals involving multiple domestic bidders, as China does not want state-backed companies bidding up the price of a deal. Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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