From Wall Street Journal:
China and India are facing off yet again in the race to secure energy resources to fuel their economic growth, this time in Russia’s Siberian oil fields.
China Petroleum & Chemical Corp., known as Sinopec, has joined the bidding for London-listed Imperial Energy Corp., which primarily produces oil in Russia, a person familiar with the situation said Monday. India’s state-owned Oil & Natural Gas Corp. has already offered about $2.5 billion for Imperial Energy, according to another person with knowledge of that offer.
Zhang Zheng, deputy director of Sinopec’s foreign affairs bureau, said he knew nothing about his company’s offer for Imperial Energy and hadn’t heard of the British company. Officials at ONGC weren’t available for comment.
