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4 Aug, 2008 03:03

Sinopec believed to be looking at Imperial Energy

Sinopec believed to be looking at Imperial Energy

Chinese state-owned oil company Sinopec is believed to have approached London-listed oil and gas explorer Imperial Energy, which has most of its assets in Russia, about a possible takeover.

If successful, it would be the largest takeover of a UK-listed group by a Chinese company.

According to London’s Sunday Telegraph Sinopec has already approached authorities in Russia, to get clearance for an offer.
Earlier Imperial Energy was approached by another bidder, who offered cash, valuing the company at over $2.5 billion dollars.
Industry sources claim it was an Indian state-controlled Oil and Natural Gas Company.

On Monday Imperial Energy has released a statement confirming that it has received a further approach in relation to a possible cash offer for the company, without naming the party involved.