World's richest man buys majority stake in oil company

The Grupo Carso consortium controlled by Mexican billionaire Carlos Slim said it is entering a new business sector by buying a 70% stake in an oil exploration and production company.

Carso said it has reached an agreement to take a majority stake in Tabasco Oil, which has an exploration concession on a field in Colombia.

The consortium’s statement sent to the Mexican stock exchange 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$53.5bn (€39bn).

Carso stock closed up 0.25% before the announcement was made.