China's CNPC eyeing pact with India's ONGC-paper

[LETHALFORCE]

http://af.reuters.com/article/energyOilNews/idAFSGE6BS01220101229

NEW DELHI Dec 29 (Reuters) - China National Petroleum Corp (CNPC) has approached India's state-run Oil and Natural Gas Corp (ONGC.BO: Quote) to forge an agreement that could provide it access to India's oil and gas assets, the Economic Times reported on Wednesday, citing two unnamed officials with direct knowledge.

"The government is considering the proposal, but will proceed with caution," the paper quoted an Indian government official as saying.

It said CNPC executives are expected to visit India by February to negotiate the deal.

India, which allows 100 percent foreign investment in the oil and gas business, is extremely cautious about China's entry in certain sensitive sectors such as energy, ports and telecommunications, the paper said.

It said Chinese firms have joint ventures with ONGC's overseas arm, ONGC Videsh, but only in foreign countries such as Syria and Colombia.

For the newspaper story, see www.economictimes.com (Writing by Devidutta Tripathy; editing by Malini Menon)

 

[SHASH2K2]

This is something that shouldn't happen at any condition . Assets in India are not for chinese. we already lost a lot in African continent due to dirty politics of chinese and now they want to play dirty in India. that shouldn't be allowed at any cost.