China outbid India to acquire PetroKazakhstan Inc, Kazakhstan’s third largest oil producer, after its flagship company CNCP raised its offer higher than the Indian price.
China National Petroleum Corp, which trailed Oil and Natural Gas-Mittal Group combine when price bids were made on August 15, raised its bid to $4.18-billion to acquire PetroKazakhstan, a Canadian oil firm operating in Central Asia. ONGC-Mittal combine was not given a chance to match or rebid, ONGC sources said.
PetroKazakhstan was the first company India’s flagship ONGC had bid for jointly with the world’s largest steel producer Mittal Group.
The Chinese will come to rue the day that they “succeeded” in buying this company at an outrageous price. The taxpayers of India have been saved a huge amount of money since ONGC lost the bid. The bureaucrats are playing with other people’s money to inflate their ego on the global stage by overpaying for lousy assets. Fortunately, India lost this one.
A small change in the Electricity Act in India to reduce theft would do more to save money and enhance “national security” than any of these worthless projects in countries where the major private sector oil companies are rightly avoiding the action (and leaving the field for ignorant civil servants and want-to-be Napoleons in the diplomatic and strategic studies community).