Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Shell in talks with Chinese firms

BEIJING, April 14 – Royal Dutch Shell is in talks with Chinese companies to jointly bid for rights to develop an oil field in Iraq, the Anglo-Dutch oil giant\’s chief executive officer said on Tuesday.

"We are… in the process of forming partnerships for a series of bids and Chinese companies are a part of that," Jeroen van der Veer told reporters when asked to comment on reports about developing an oil field in Kirkuk, Iraq.

"We have conducted discussions with Chinese companies."

Dow Jones Newswires reported Monday that Shell was negotiating with China National Petroleum Corp. (CNPC) and China Petrochemical Corp., the nation\’s top two state-owned oil firms, on a joint bid to develop an oil field in Kirkuk.

Shell had offered CNPC a 15 percent stake in the consortium, but the Chinese firm wanted around 20 percent.

In return, Shell hopes to get support from CNPC for a production sharing contract for a gas field in China\’s southwestern province of Sichuan, Dow Jones said, citing an unnamed source.

Speaking at a press conference here, van der Veer declined to disclose which Chinese companies Shell were in talks with or give any other details.

A CNPC press officer, who declined to be named, said he was unaware of the matter when contacted by AFP Tuesday.

China Petrochemical Corp. was not immediately available to comment.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...