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Oil Giants in China and India Among Suitors for Russian Operation

Thu, 01/19/2006 - 2:54am
Len Vermillion

Among the bidders for a $3 billion oil venture in Russia operated by BP Plc may be China National Petroleum Corp. and India's Oil & Natural Gas Corp., the largest oil companies in each nation, according to Bloomberg. A report on the website cited three unidentified sources with knowledge of the sale.

The Bloomberg report cited the same sources as saying that China Petrochemical Corp., Asia's biggest refiner, is also considering a bid for the drilling venture.

China and India consume 11 percent of global oil production and are in need energy supplies to sustain the fastest growth among the world's 20 biggest economies, Bloomberg reported. Energy takeovers announced by the two countries more than doubled last year to $16.9 billion, according to data compiled by Bloomberg.

In 2004, Russia was the world's second-largest oil producer, pumping 9.3 million barrels a day, compared with the 10.6 million from Saudi Arabia, according to BP Plc's Annual Statistical Review of World Energy.

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