Tuesday July 7, 05:08 AM
China's CNPC bids for 75 pct stake in Spain's YPF
HONG KONG (AFP) - China National Petroleum Corp (CNPC (0135.HK - news) ) has offered between 13.2 billion and 14.5 billion dollars for a 75 percent stake in an affiliate of Spanish oil major Repsol (Madrid: REP.MC - news) , a report has said.
Executives at China's largest energy producer held talks on the offer for YPF, Repsol's Argentine unit, and the initial reaction from the Spanish side was receptive, the South China Morning Post quoted unnamed sources as saying.
It also said China National Offshore Oil Corp (CNOOC (0883.HK - news) ), the country's biggest offshore oil and gas producer, was understood to be eyeing up to a 25 percent stake in YPF.
CNOOC has reportedly proposed injecting at least 15 billion dollars into a joint venture that will own some of Repsol's core exploration and production assets.
Repsol YPF announced last Thursday it had received interest but no firm offers for a minority stake in its 84.14 percent-owned YPF.
Earlier reports said talks were continuing through Goldman Sachs (NYSE: GS - news) , which has been in touch with a number of Asian groups, of which CNPC and CNOOC appear the most interested.
China's government-backed oil companies are seizing on the economic crisis and the accompanying low asset prices to make landmark overseas acquisitions, in a bid to feed the country's growing economy.
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.
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