Indian consortium short listed for ConocoPhillips assets in Canada

10/15/2012

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

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