Videocon-Bharat Petroleum venture acquires Brazilian firm

September 19th, 2008 - 5:12 pm ICT by IANS  

Mumbai, Sep 19 (IANS) Videocon Industries and its joint venture partner Bharat PetroResources have acquired the Brazilian oil assets of Canadian natural gas producer EnCana Corp for $165 million, Videocon said Friday. In a regulatory statement, it said an additional $118 million was paid towards acquiring EnCana (Brasil) Petroleo Limitada, the Canadian company’s Brazilian subsidiary, which has 10 deepwater offshore exploration blocks.

The acquisition was made through VB (Brasil) Petroleo, the joint venture between Bharat PetroResources and Videocon.

Bharat PetroResources is a wholly-owned unit by one of India’s state-owned oil companies, Bharat Petroleum Corp.

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