InfoAnda - Chinese oil groups eye stake in Spain's YPF: reports

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese oil groups eye stake in Spain's YPF: reports AFP - Saturday, July 4 MADRID (AFP) - - Two giant Chinese oil companies are interested in buying a 30-percent stake in an affiliate of Spanish oil major Repsol, media reported Friday. ADVERTISEMENT The China National Petroleum Corp (CNPC) and China National Offshore Oil Corp (CNOOC) are ready to pay four billion euros (5.6 billion euros) for the stake in YPF, Repsol's Argentine affiliate, the ABC newspaper said, quoting sources close to Repsol. It said that an offer is expected in the coming weeks. CNPC is China's largest energy producer and CNOOC its biggest offshore oil and gas producer. Repsol YPF announced Thursday it had received interest but no firm offers for a minority stake in YPF. ABC said talks were continuing through the bank Goldman Sachs, which has been in touch with a number of Asian groups, of which CNPC and CNOOC appear the most interested. Repsol bought YPF in 1999 for 15 billion dollars in what was the biggest sale of the privatisation programme of then Argentine president Carlos Menem. Last year, it sold a 14.9 percent stake to Argentina's Grupo Petersen in a deal which included a buy option for an additional 10 percent. China's government-backed oil companies are jostling with each other to make landmark overseas acquisitions, seizing on the economic crisis -- and the accompanying low asset prices -- in a bid to feed the country's rapidly expanding economy. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy China fund to buy $1.5 bln stake in Canadian minerAFP - 2 hours 47 minutes ago Teck to sell 17 percent stake to China for C$1.74 billionReuters - Saturday, July 4 Chinese oil groups eye stake in Spain's YPF: reportsAFP - Saturday, July 4 Malaysia's exports plunge 29.7 pct in MayAFP - Saturday, July 4 Related Articles: Business China statistics chief sees no inflation risk this yearReuters - Saturday, July 4 HKMA sells HK$3.88 bln to keep currency in trading bandReuters - Saturday, July 4 Oil firms forming Venezuela Carabobo consortiumsReuters - Saturday, July 4 Americas economic leaders shore up crisis responseReuters - Saturday, July 4 Tropicana Las Vegas emerges from bankruptcyAP - Saturday, July 4 Enlarge Photo Chinese oil groups eye stake in Spain's YPF: reports Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Jackson fans told to stay away as tickets up for grabs Schwarzenegger declares emergency in California The daily grind: Sex for a week boosts sperm quality Jailed Madoff's New York penthouse seized Questions mount over Jackson animal kingdom View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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