Reuters Canada
India ONGC bids for Petrokazakhstan, says official Sun Aug 14, 2005 10:15 PM EDT
DEHRADUN, India (Reuters) - State-run Oil and Natural Gas Corp. Ltd. (ONGC.BO: Quote, Profile, Research) has submitted a bid to acquire Petrokazakhstan (PKZ.TO: Quote, Profile, Research), a Canadian firm with operations in Central Asia, an Indian oil ministry official told Reuters on Sunday.
Petrokazakhstan has a stock market value of about $3.2 billion.
"They have submitted a bid," a senior oil ministry official said on the sidelines of a function to mark 50 years of ONGC. The firm's chairman, Subir Raha, declined comment.