CNPC, PetroChina eye Latin American oil holdings
14 April 2008
China National Petroleum Corp (CNPC) and its listed subsidiary PetroChina have expressed interest in the US$10 billion-worth of South American refineries and upstream assets which may be put up for sale by Spanish oil company Repsol YPF, the South China Morning Post reported. PetroChina and its state-owned parent, which operate an equal joint venture for overseas acquisitions called CNPC Exploration, have not said whether contact has been made with Repsol. But sources close to the matter say the current US$10 billion sale is a modified version of a US$20 billion deal that CNPC Exploration tried to arrange on two occasions last year, only to see Repsol back out. Repsol, the world's fifth-largest oil and gas company, owns three refineries in Peru and Brazil , has oil and gas development rights in eight South American countries and also distributes natural gas in the region.
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