Sinopec Group Bids for Imperial Energy      

China Petrochemical Corporation (Sinopec Group) has joined the bidding for London-listed Imperial Energy Corp., according to the Economic Observer on August 18th.
     Sinopec Group confirms that it is launching a bid for Imperial Energy, following Indian state-owned Oil and Natural Gas Corporation made an earlier offer of 12.9 pound in cash, for a consideration of approximately US$2.5 billion.
    Sinopec Group says the due diligence investigation is in progress. There can be no certainty that any offer will ultimately be made for the company.
    Sinopec Group acquired the 96.8% equity of Udmurtneft from TNK-BP in June 2006 for US$3.5 billion. (CCR2006 No. 19)
    "Sinopec Group has no sufficient currency for the acquisition today", a watchdog says.