China s two major crude oil and natural gas producers Sinopec Group and CNOOC are eyeing on Brazilian oil and gas firm OGX SA for stakes.
OGX SA is considering sales of stakes in some of its oil blocks after making a string of hydrocarbon finds in recent months, according to media reports.
Sinopec and CNOOC were expected to launch a joint bid but the final evaluation of any deal is still being debated.
The deal is expected to reach $7 billion. Sinopec Group, Asia's largest refiner, said it will float 10 billion yuan in 365-day short-term bills on the interbank market on Sep. 13. The proceeds from the issuance will be used to pay back bank loans
OGX SA is considering sales of stakes in some of its oil blocks after making a string of hydrocarbon finds in recent months, according to media reports.
Sinopec and CNOOC were expected to launch a joint bid but the final evaluation of any deal is still being debated.
The deal is expected to reach $7 billion. Sinopec Group, Asia's largest refiner, said it will float 10 billion yuan in 365-day short-term bills on the interbank market on Sep. 13. The proceeds from the issuance will be used to pay back bank loans
