Russian regulators clear ONGC bid for Imperial Energy

07 November 2008

Russian regulators have approved the proposed $2.6 billion acquisition of Russia-focused British oil exploration company, Imperial Energy Plc, by Oil & Natural Gas Corporation (ONGC).

Reports quoting sources at the Federal Anti-Monopoly Service, Russia's anti-trust office, said the acquisition ``has already been approved.''

However, a meeting between Russian prime minister Vladimir Putin and petroleum minister Murli Deora on Wednesday failed to reach a firm backing for ONGC's acquisition of Imperial Energy, sources said.

Russian energy minister Sergy Shemato would be visiting New Delhi at the end of this month to hold further talks.

''We have done our job. We cleared the deal after the ministry of natural resources deemed Imperial Energy's assets non-strategic,'' agency spokesman Sergei Noskovich said.

ONGC, India's biggest oil producer, had, in August, proposed to acquire the London-based Imperial Energy Plc for 1250 pence a share, valuing it at around $2.6 billion.