China-India Oil Treaty

China and India plan a joint offer of about $2 billion for oil assets in Kazakhstan to avoid a bidding war as the world’s two fastest-growing economies vie for energy resources, people familiar with the plan said.

Citic Group, China’s biggest investment company, and Oil & Natural Gas Corp., India’s largest oil producer, may bid for Calgary-based Nations Energy’s assets, the three people said, asking not to be named because the information is confidential.

China and India consume 11 percent of global oil output and need energy supplies to sustain the economic growth needed to deliver jobs and improved living standards for their 2.4 billion people. India’s Oil Minister Mani Shankar Aiyar in January signed an agreement with China to boost cooperation, a month after the two nations made their first joint bid.

Bloomberg