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Petro-Canada Closes Sale of Its Syrian-Producing Assets

Source: www.gulfoilandgas.com 1/31/2006, Location: Middle East

Petro-Canada has closed the sale of its Syrian-producing assets for €484 million, before adjustments. The buyer is a joint venture of companies owned by India’s Oil and Natural Gas Corporation (ONGC) Limited and the China National Petroleum Corporation (CNPC). The sale is retroactive to July 1, 2005. Subject to business conditions and opportunities, Petro-Canada expects to use the majority of the proceeds from the sale to buy back shares within its ongoing Normal Course Issuer Bid program.

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