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LONDON (AP) - ONGC Videsh Ltd., the international arm of Indian state-controlled Oil & Natural Gas Corp., Wednesday said it is considering launching a $3.5 billion bid for Canada-based PetroKazakhstan Inc.
A senior company official told Dow Jones Newswires that ONGC Videsh is in the midst of a "valuation process" for the oil producer and refiner and, if favorable, this could lead to the launch of a bid in the next one or two weeks.
ONGC Videsh is the second energy company to publicly state its interest in acquiring PetroKazakhstan. The first was PetroChina Co., China's biggest oil producer.
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