Originally published Wednesday, March 18, 2009 at 3:30 AM
Veteran financial journalist Jon Talton blogs daily on the most important economic news, trends and issues involving Seattle and the Northwest.
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Libya says it will buy Canada's Verenex Energy, pre-empting purchase bid by China
Libya's National Oil Company says it will buy Canada's Verenex Energy Inc., matching a $394 million dollar bid by a subsidiary of the China National Petroleum Corp.
Libya's National Oil Company says it will buy Canada's Verenex Energy Inc., matching a $394 million dollar bid by a subsidiary of the China National Petroleum Corp.
Shukri Ghanem, the head of Libya's state-run NOC, told The Associated Press that his company would exercise its right of first refusal, thwarting a bid by the Chinese oil giant to buy up the Canadian oil and gas firm that has extensive exploration and production interests in Libya.
NOC's agreement with Calgary-based Verenex gives it the right to block the purchase bid by CNPC. Verenex had said Monday it was waiting for a decision by NOC.
Verenex has operations in Libya's Area-47, a region estimated to hold roughly 2.15 billion barrels in crude oil reserves.
Copyright © 2009 The Seattle Times Company
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