Sinopec/CNPC's Joint Bid For Petro-Tech

August 2008 | M&A News Alert

In a rare joint venture, China National Petroleum Corporation (CNPC) and Sinopec Group have reportedly made a joint bid of between US$1.5bn-US$2.5bn for Peruvian offshore oil and gas driller Petro-Tech Peruana, according to a China-based industry official. Petro-Tech, which is currently owned by Houston-based Offshore International Group, has attracted interest from Chinese companies since being put on offer. The official said that as it is becoming increasingly difficult to secure bigger assets, companies are forced to focus on 'medium or small-sized ones'.

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