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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (59431)1/26/2005 1:39:09 AM
From: Taikun  Read Replies (1) of 74559
 
Maurel et Prom might be taken out...but PetroIndia isn't an ADR so what would shareholders get?

He confirmed talk that IOC was in talks to buy French oil firm Maurel et Prom. !!!!!!!!!

GOOD NEWS
India seeks power in oil link-ups
by Richard Orange
January 23, 2005 6:00 PM (GMT)

INDIA should combine its public-sector oil companies into a single force with power to secure the reliable overseas supplies needed by its growing economy, the subcontinent's oil minister Mani Shanker Aiyar has told The Business.

The new company, dubbed PetroIndia, would be the seventh-highest ranked oil and gas company in the Fortune 500. At present, the external arm of state-run Oil and Natural Gas Corporation (ONGC) leads India's overseas hunt for oil. It has lost out to aggressive bids from China.

Aiyar said in London last week: "Whatever funds they [the external arm] get are really an interest-free loan from ONGC and the scale of that cannot be anything to match what [Chinese oil giant] Sinopec is doing." A combined company could "collect huge sums of money from the market to deploy on the external stage".

India's state oil sector is dominated by ONGC, Indian Oil Company (IOC), and petrol refiners and retailers Hindustan Petroleum and Bharat Petroleum.

Aiyar returns to India to ask an advisory committee on synergy to come up with a structure that would allow state companies to link up abroad without destroying competition at home.

He confirmed talk that IOC was in talks to buy French oil firm Maurel et Prom.
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