China, India target Russian energy assets

China and India are once again competing for energy assets as China Petroleum & Chemical Corp (Sinopec) joined the bidding for Imperial Energy Corp, the Wall Street Journal reported, citing a person familiar with the situation. India’s Oil & Natural Gas Corp (ONGC) is said to have already offered US$2.5 billion for London-listed Imperial, which primarily produces oil in Russia. Although a Sinopec official denied any knowledge of the situation, Imperial said on Monday that it had received another approach, following a cash offer from another company on July 15. China and India have often fought for natural resources in developing nations as they rely on oil imports to maintain rapid economic growth. China’s state oil giants beat ONGC or one of its affiliates to deals in Kazakhstan and Ecuador in 2005 and in Nigeria in 2006.