China-India Tie-Up Take Stake In Omimex

ONGC Videsh (the overseas investment arm of India’s state-owned Oil and Natural Gas Corp) and China’s second-largest oil company, Sinopec, have agreed to invest $800 million in return for a 50% stake in Colombian oil company Omimex de Colombia, owned by Omimex Resources of the US. In June Omimex announced it would invest a further $70 million in its Colombian operations, looking to diversify from extraction of crude towards natural gas exploration and other alternative sources of energy.