Companies / China
Sri Lankan Potential Attracts China And India
February 2007 | Industry NewsChina and India have been asked to pay deposits of US$100mn each in order to secure two of eight blocks which Sri Lanka is offering for exploration off its north-western coast. According to Sri Lanka's Petroleum Minister, A H M Fowzie, a block each has been awarded to China and India on a 'nomination basis' owing to the close relationship between the countries. To avoid a competitive bidding process, the two countries have also been asked to pay a 'security fee' of US$10mn on top of the US$100mn deposit. As China and India hunt for oil and gas reserves overseas
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