Caspian Sea Partners to Block Sinopec Participation



Five of the six partners in the North Caspian PSA are likely to exercise their pre-emptive rights to block Sinopec from acquiring an 8.33% stake from BG Group in the partnership. Inpex is the only partner that declined to exercise it's pre-emptive right in the bid to block CNOOC from acquiring an 8.33% stake.

The pre-emption deadline on Sinopec's deal is Thursday. It is expected that the deal will fail since CNOOC's bid was blocked. There is much speculation that ExxonMobil, ConocoPhillips and TotalFinaElf will exercise their pre-emption rights. Shell and ENI would likely follow suit.

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