OVL blocks Chinese bid to buy 35% stake in Brazilian oilfield - TopicsExpress

OVL blocks Chinese bid to buy 35% stake in Brazilian oilfield Delhi : In a first by an Indian firm, ONGC Videsh (OVL) has exercised its pre-emption rights to block China’s Sinochem Group from buying 35% interest in a Brazilian oilfield for $1.54 billion. OVL, the overseas arm of state-owned Oil and Natural Gas (ONGC), in collaboration with Royal Dutch Shell, will buy the 35% stake in block BC-10, known as Parque das Conchas, that Brazil’s Petrobras had planned to sell to Sinochem, sources with direct knowledge of the development said.While the Indian firm will pick up 12.08% stake, the remaining 23% will go to Shell.

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