State-run oil firms of energy-starved economic rivals India and China are planning to make a joint bid for oil assets in the Central Asian country of Kazakhstan, an official source told AFP. “Indian and Chinese state oil entities are in discussions for a major deal” in Kazakhstan, said the source, who declined to be identified. The source would not reveal the size of the joint bid but media reports said the India’s Oil and Natural Gas Corporation (ONGC) and China National Petroleum Corp (CNPC) were to offer up to two billion dollars for Calgary-based Nations Energy’s assets in Kazakhstan. Full Story
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