Indian Cos. Bid $5B For ConocoPhillips' Canadian Oil Assets

Law360, New York (September 25, 2012, 6:40 PM EDT) -- A group of state-owned Indian oil companies have offered $5 billion to ConocoPhillips Co. for its Canadian oil sands assets in the first Canadian bid since India began winding down oil business with Iran in exchange for a sanctions waiver from the U.S., according to Tuesday news reports.

The group reportedly includes Oil and Natural Gas Corp., Oil India Ltd. and Indian Oil Corp., some of the country's top oil producers, refiners and retailers, the Wall Street Journal reported. Their bid would be India's first step...
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