China Trade Information

China Petroleum & Chemical Corp.(Sinopec), the country’s biggest state-owned oil refiner, is bidding for the London-listed Imperial Energy as part of its overseas expansion to secure crude oil supplies for the country, according to sources.

Imperial Energy’s board has allowed Sinopec to start due diligence by giving it access to its data room after an approach last week, sources said. The deal, if successful, will be the largest acquisition of a publicly traded British company by a Chinese firm.

India’s Oil and Natural Gas Corporation (ONGC) was reportedly the bidder who made an offer of £1.3 billion last month for Imperial Energy.

Imperial Energy, founded in 2004, has oil-producing blocks in Russia and Kazakhstan. As of December 2007, its daily output of crude oil hit 10,000 barrels and its aims to produce 80,000 barrels a day by 2011.

Tags: Gas, Petroleum, Sinopec

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