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PSUs bid $5 bn for ConocoPhillips' assets

State-owned Oil and Natural Gas Corporation (ONGC), Indian Oil (IOC) and Oil India (OIL) have made a joint bid of $5 billion for buying stake in six Canadian oil sands assets of US energy giant ConocoPhillips. "We had, a few weeks back, placed a non-binding bid for a stake in the six Alberta properties of ConocoPhillips," a source at one of the three state-owned firms said. Houston-based ConocoPhillips has since then closed bidding for selling as much as 50 per cent of its oil-sand reserves in Alberta. "There are some producing assets and some exploration assets on ...