China National Offshore Oil Corp. Ltd. and state-run China National Petroleum Corp. are battling for approval to bid for the Argentinean unit of Spanish oil major Repsol YPF SA, sources said yesterday, in a deal that could be worth around $17-billion (U.S.). The National Development and Reform Commission, China's top economic planning body, is involved in the process, according to sources close to the matter. Beijing does not want state-backed companies bidding up the price of a deal. SM (Madrid) rose 38 euro cents to €16.60 ($26.94 Cdn.).
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