India’s state oil companies intend to press ahead with plans to buy stakes in the oil sands and believe they will not run afoul of tougher rules on foreign ownership of the sector.

A consortium of Oil and Natural Gas Corp, Oil India Ltd and refiner Indian Oil Corp is among three bidders shortlisted to buy stakes in Canadian oil sands owned by ConocoPhillips (COP-N 57.77 -0.11 -0.19%). The assets could be worth up to $5 billion US.

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