Carlos Slim jumps into oil market
Published:Friday | February 25, 2011 | 12:00 AM
The Grupo Carso consortium controlled by Mexican billionaire Carlos Slim says it is entering a new business sector by buying a 70 per cent stake in an oil exploration and production company.
Carso says it has reached an agreement to take a majority stake in Tabasco Oil Company LLC, which has an exploration concession on a field in Colombia.
The consortium's statement sent to the Mexican stock exchange Tuesday does not say how much it is paying for the stake.
Carso is a diversified retail, construction and industrial conglomerate. It is controlled by Carlos Slim, who is considered the world's richest man with an estimated fortune of US$53.5 billion.
- AP