Thursday, September 15, 2005
Chinese companies snag Ecuadorean oilfields
China Petrochemical Corp. and China National Petroleum Corp. have teamed up to purchase Ecuadorian oilfields from Canada's EnCana Corp. for $1.42 billion. The Chinese companies edged out India's Oil & Natural Gas Corp. by not insisting on a provision from EnCana that guaranteed the Ecuadorian government's recognizance of the transaction. (Bloomberg)
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