Market Chatter: Conoco's Kashagan Partners Have Two Months to Pre-empt Stake Sale

By
A A A

ConocoPhillips' ( COP ) partners in Kazakhstan's Kashagan field, the biggest oilfield discovery in over 4 decades, have 60 days to decide whether they want an 8.4% stake in the project promised to India's Oil and Natural Gas Corp, Reuters reports.

ConocoPhillips reportedly said it intends to sell its Kashagan stake to ONGC Videsh, the Indian group's overseas investment arm, for about $5 billion. But existing partners in the Kashagan project - state-run KazMunaiGas, Italy's Eni, ExxonMobil, Inpex Corp of Japan, Royal Dutch Shell, and France's Total - have the right of first refusal on the stake.

ONGC Videsh Managing Director D.K. Sarraf told Reuters the Kazakhstan government has 6 months to approve the deal after the expiry of a 60-day period for partners to exercise their pre-emption rights.

"The deal has to be approved within 240 days," he said.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: COP

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

85%

Most Active by Volume

85,467,945
  • $16.74 ▼ 0.30%
83,530,302
  • $12.49 ▲ 85.31%
68,697,805
  • $42.55 ▼ 0.77%
58,516,965
  • $101.63 ▼ 0.03%
49,234,469
  • $74.58 ▼ 3.74%
39,038,134
  • $8.56 ▲ 2.27%
37,813,410
  • $49.38 ▼ 5.24%
37,004,144
  • $46.24 ▼ 0.97%
As of 9/15/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com