Indian Company Denies $5 Billion ConocoPhillips Bid

The Financial Post reported that India’s Oil and Natural Gas Corp. denied that it, along with Oil India Ltd. and Indian Oil Corp., made a $5 billion bid for Canadian oil sands assets owned by ConocoPhillips (NYSE:COP). ConocoPhillips has not commented on the situation.

As quoted in the market news:

“I can categorically say that we have not made a bid yet for the $5-billion deal,” ONGC chairman and managing director Sudhir Vasudeva told PTI.

Vasudeva said that ONGC is looking for overseas acquisitions, but declined to comment on specific deals or timelines.

News reports Monday, quoting anonymous sources, said that ONGC, Indian Oil Corp. and Oil India Ltd. made a joint, non-binding bid for the Canadian assets in July.

Click here to read the full Financial Post report.