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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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Trading futures and options involves the risk of loss. You should consider carefully whether futures or options are appropriate to your financial situation. You must review the customer account agreement and risk disclosure prior to establishing an account. Only risk capital should be used when trading futures or options. Investors could lose more than their initial investment. Past results are not necessarily indicative of futures results. The risk of loss in trading futures or options can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition
