China and India are to form a joint venture to bid for upstream assets in Africa and Latin America so as to avoid raising prices by competing against each other.During a visit to India by Chinese President Hu Jintao last week the subcontinent's Petroleum Minister Murli Deora held a private meeting with Ma Kai, the chairman of China's National Development and Reform Commission. At this meeting the two are said to have decided to bid together for oil assets so as to avoid a price war.
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