China, India in oil JV

China National Petroleum Corp announced Friday it had allied with India's Oil & Natural Gas Corp to bid for 38% stake in Syria's Al Furat Petroleum Company, the Wall Street Journal reported. The group is currently owned by Petro-Canada, Royal Dutch Shell's Syrian subsidiary and the state-owned Syrian Petroleum Company. The cooperation agreement will be formalized in January, when Mani Shankar Aiyar, India's oil minister, travels to China.