RealNews

India, China win joint bid to buy stake in Syrian oil fields

India and China, often fierce rivals in the race for global energy resources, have won a joint bid to buy Petro-Canada’s 37 percent stake in Syrian oil fields for $573 million, a top Indian official said Wednesday. The acquisition marked the first time the two Asian giants have bid together for overseas reserves to feed their oil-hungry economies and opened the way for further collaboration. India’s Oil and Natural Gas Corp (ONGC) and China National Petroleum Corp (CNPC), both state-owned, will have equal stakes in the Al-Furat oil fields. Full Story

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