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)
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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