Chinese and Indian oil giants in battle for Imperial Energy

Two of the world’s most powerful state-run oil titans are locked in a tug of war for control of a UK exploration group based in Leeds and operating in Russia.

Shares in Imperial Energy rose steeply, valuing it at over
Discussions are already underway with the Oil and National Gas Corporation of India (ONGC) which, like Sinopec, is desperate to acquire energy assets around the world to meet growing demand at home caused by the rapid pace of industrialisation.

The International Energy Agency estimates that Chinese demand will grow by 6 per cent this year and Indian demand by 5 per cent.

More players could still enter the battle. There were reports that the Korea National Oil Corporation is weighing up the prospects of a bid. The firm tried to buy Burren Energy last year but was outbid by Italy’s Eni.

Independent