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Indian consortium short listed for ConocoPhillips assets in Canada

BY SAURABH CHATURVEDI

NEW DELHI -- A joint bid by a consortium of three Indian state run oil and gas companies has been short listed to acquire stakes in oil-sands assets owned by ConocoPhillips in Canada, a senior executive at one of the companies said. The consortium comprising ONGC, Oil India and Indian Oil bid recently for the stakes, which are valued around $5 billion.

The India consortium has been short listed as one of the three finalists for stakes in ConocoPhillips Canada' s oil sands assets, the executive, who declined to be named, told reporters. He said ConocoPhillips has offered to sell a 50% stake in six oil sands assets in Alberta, Canada.Executives at Indian Oil and ONGC weren' t immediately available for comment.

Davy Kong, a spokeswoman for ConocoPhillips, also couldn' t be reached for comment.

Dow Jones Newswires

10/15/2012

 

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