Imperial Energy confirms interest from second potential buyerImperial Energy has confirmed it is holding talks with a second potential buyer in a move which pitches China and India - two of the world's most energy hungry nations - head to head.
Shares in UK-based Imperial rose 7.5% to 1,115p after it announced negotiations were being held with another unnamed party, believed to be Sinopec of China.
"There can be no certainty that any offer will ultimately be made for the company or as to the terms on which any such offer might be made," Imperial said in a statement.
The exploration and production company, which has fields in Siberia, is already discussing a £1.3bn takeover from an unnamed suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) - understood to be India's Oil and Natural Gas Company (ONGC ONGC Oil and Natural Gas Corporation
ONGC Oil and Natural Gas Commission (India) ).
China and India have increasingly been targeting Russia as a future source of energy. Sinopec is developing the Sakhalin-3 oil and gas project on the Russian Pacific coast with the state oil major, Rosneft, and it bought a production unit from TNK-BP for $3.5bn in 2006.
ONGC, charged with securing overseas energy resources to power India's booming economy, is similarly a partner in the Sakhalin-1 oil and gas consortium headed by the US major, ExxonMobil.
City analysts said a third bidder could yet emerge. "In our view, a bid for Imperial is readily affordable by either ONGC, or, effectively the Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
"If Sinopec has indeed entered the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process late, this ironically may give ONGC more time to clear its bid - assuaging investor concerns that ONGC needs more time than most to clear domestic 'red tape'. It may also encourage other NOC (Network Operations Center) A central or regional location for monitoring a large network. Also called a "network management center" (NMC), "service management center" (SMC) or "network control center" (NCC), a NOC may be used to manage a large enterprise network, bidders to enter the fray eg KNOC KNOC Korea National Oil Corporation of South Korea."
Imperial said in November that Gazprombank, the banking arm of Gazprom, had made an approach to buy a quarter of its stock at a discount to the market price, but the talks ended without a deal.
Imperial owns oil licences in the west Siberian region of Tomsk and hopes to produce 35,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. by the end of 2009 and 80,000 barrels by 2011.