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Oil and Natural Gas Corporation Ltd's ONGC Videsh Ltd Blocks Chinese Bid To Buy Stake In Brazilian Oilfield-Business Standard


Wednesday, 18 Sep 2013 02:30am EDT 

Business Standard reported that ONGC Videsh Ltd has exercised its pre emption rights to block China's Sinochem Group from buying 35% interest in a Brazilian oilfield for $1.54 billion. ONGC Videsh Ltd, the arm of Oil and Natural Gas Corp (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. WhileONGC Videsh Ltd will pick up 12.08% stake, the remaining 23% will go to Shell. Sources said OVL Shell, who by virtue of their existing stake in BC-10 had a first right of refusal or pre-emption when fellow participants offer stakes for sale, have informed Petrobras about their decision.