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ONGC in bid for Imperial reserves


Published Aug 22, 2008
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Imperial Energy comments on Russian Oil Reserves-Spotlight
courtesy Imperial Energy

Indian oil company ONGC appears to have put in a bid for U.K.-based Russia producer Imperial Energy, long a takeover target, and a company on the verge of tripling in size on the strength of its Siberian holdings, including a growing grid of export pipelines.

News agency Reuters reported the announcement of a sale could come early next week. Meanwhile, the Royal Bank of Scotland has been buying shares, and the company stock rose 1.75 percent in early trading Friday.

Imperial has survived Russian reserves and environmental investigators.

ONGC is already a stakeholder in ExxonMobil’s Sakhalin I oil project in the Russian Far East.

Tags: Imperial Energy, ONGC




   

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