Thursday, August 14, 2008

Chinese state oil firms preparing bid for Petro-Tech Peruana's offshore oil assets

AFX Financial News -- August 13, 2008

"Chinese state oil firms are readying bids for Petro-Tech Peruana, a privately held oil company with offshore assets in Peru which could fetch $1.5-2.5 billion, sources with knowledge of the situation said.

Several sources said Petro-Tech, which is owned by the private U.S. firm Offshore International Group, was up for sale and several Chinese companies were looking at it, with oil giant CNPC and offshore specialist CNOOC Ltd. potential bidders.

CNPC is the parent of PetroChina"