Indian-government owned ONGC Videsh (OVL) has blocked a Chinese company from acquiring a stake in the Brazilian oilfields by utilising its pre-emptive right. The Brazilian State-owned Petrobras had planned to sell its 35 per cent state in block BC-10 in the Campos Basin to the Chinese Sinochem group for $1.54 billion. OVL, has a 15 per cent stake in BC-10, along with Royal Dutch Shell company.
