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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches, Market

ONGC once again loses out to China for oil assets in Africa news

Posted on 26 March 2010

From Domain-b.com: In the absence of a domestic sovereign wealth fund backing, public sector oil explorer Oil and Natural Gas Corporation (ONGC), has once again lost the race to acquire energy assets to China’s large state owned enterprise, the latest in a string of losses to its cash rich neighbour.
ONGC Videsh, the overseas arm of ONGC has been outbid by CNOOC, China’s third-largest oil company in acquiring a 50-per cent interest in Uganda’s oil fields………………………………Full Article: Source

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