Asian Firms To Face Off Over Oil Assets

Reports that India's state-owned Oil & Natural Gas Corporation (ONGC) and private conglomerate Reliance Industries are considering a bid for Swiss-Canadian independent Addax Petroleum could, if founded, lead to a three-way fight for Addax between Indian, Chinese and South Korean companies. Indeed, with China Petroleum and Chemical Corporation (Sinopec) and Korea National Oil Corporation (KNOC) also touted as bidders, CFW believes that the battle for Addax could be the first skirmish in a wider fight for energy assets between Indian and Chinese companies. We had previously highlighted Addax as an attractive takeover target (see 'Progress In Iraqi Kurdistan And Rising Crude To Boost M&A', CFW, June 14 2009).

To read the full article, please choose one of the following options: