Russia clears ONGC’s purchase of Imperial Energy

Russia clears ONGC’s purchase of Imperial Energy
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First Published: Fri, Nov 07 2008. 03 44 PM IST
Updated: Fri, Nov 07 2008. 03 44 PM IST
Moscow: Russia’s anti-trust office has allowed Indian energy firm ONGC to buy London-listed, Russia-focused oil firm Imperial Energy, a spokesman for the office said on Friday.
Imperial’s stock jumped by 15% and ONGC rose by 5%.
India’s biggest oil producer agreed the takeover of Imperial for $2.6 billion in late August. The deal marks ONGC’s second investment in Russia, where the company already has a 20% stake in the Sakhalin-1 oil and gas consortium headed by U.S. major Exxon.
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First Published: Fri, Nov 07 2008. 03 44 PM IST