Competition between oil majors knocks Sinochem out

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ONGC & Shell's purchase of Brazilian oil field stake blocks Sinochem

Oil & Natural Gas Corp of India (ONGC) and London-based Royal Dutch Shell will boost their stakes in an oil field in Brazil, effectively blocking Chinese oil-and-chemicals firm Sinochem’s bid for the asset. ONGC Videsh Ltd, ONGC’s overseas investment unit, informed Petroleo Brasileiro SA (Petrobras) it would exercise its pre-emptive rights in the Parque das Conchas oil field – increasing its stake by 12% to 27% for US$500 million. Shell had already exercised its pre-emptive rights and will soon increase its stake to 73% from the current 50% in Parque das Conchas.

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