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Sinopec partners with Indian firm to buy stake from US firm
By AMY CHEUNG
Published: August 14, 2006 12:00 AM
Sinopec and ONGC Videsh Ltd (OVL) has jointly bought 50 percent stake in U. S. firm Omimex de Columbia, Reuters reported. The deal has implicated about 800 million U.S. dollars. Omimex de Columbia had been a 100 percent subsidiary of Omimex Resources based in the United States, an exploration and production company. The two Asian heavyweights have been discussing cooperation on global energy deals as their oil import bills expand, and at the start of the year signed five memorandums of understanding, said Reuters.
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