Home / Business / Business Highlights Tools: Save | Print | E-mail | Most Read | Comment
Sinopec mulls takeover of Imperial Energy
Adjust font size:

China Petroleum & Chemical Corporation (Sinopec), one of China's biggest state owned oil refiners, plans to acquire the £1.1 billion (US$2.17 billion) London-listed Imperial Energy.

Sinopec plans to offer more than US$ 2.5 billion for Imperial Energy, a Russia based oil and gas explorer, the Sunday Telegraph reported recently. The two companies have been in talks since last week.

The Sinopec bid is higher than last month's offer of just under US$2.5 by India's Oil & Natural Gas Company (ONGC). Yet experts said it is still hard to tell which company will win the bid. Sinopec insiders said it is possible that both companies will take a stake in the Russian Company. According to the Oriental Morning Post, Imperial Energy said it had received an offer of about US$ 25.5 per share in June, but declined to reveal the identity of the bidder.

Established in 2004, Imperial Energy was producing 10,000 barrels of oil a day by the end of December 2007. The company aims to produce 80,000 barrels a day by 2011.

For more details, please read the full story in Chinese (http://www.dfdaily.com/node2/node27/node124/userobject1ai107069.shtml).

(China.org.cn August 4, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Sinopec sees limited benefits from recent oil price declines
- Sinopec expects net profit to fall 50% in first half year
Most Viewed >>
- China becomes major consumer in sportswear market
- CISA opposes BHP Billiton, Rio Tinto merger
- Labor-intensive industries get timing to upgrade product
- Shenzhen home buyers bugged by mortgage dilemma
- China raises export tax rebate for textiles to 13%
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?