Colombia

ONGC, Sinopec Plan Joint Bid In Colombia
19 April 2006

SIFY (SINGAPORE)--The overseas arm of Oil and Natural Gas Corp. Ltd. (ONGC) teamed up with China's Sinopec Group to bid for a small oil asset in Colombia, people familiar with the plan said on 19 April 2006. The joint acquisition of the asset in the Latin American country marks the second time state oil firms of the oil-starved Asian countries bidding for overseas oil and gas assets aimed at avoiding cut-throat competition. Source: http://sify.com/finance/equity/fullstory.php?id=14187671 (Reliability: 8)