Russia not opposed to Imperial Energy acquisition

November 25th, 2008 - 7:14 pm ICT by IANS  

New Delhi, Nov 25 (IANS) Russian Energy Minister Sergey Shmatko Tuesday said his government was not opposed to the acquisition of Imperial Energy by ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp (ONGC).The UK-based Imperial holds some key oil and gas assets in Russia.

“Our approach to the deal is liberal. If the Indian government would like to acquire Imperial, we are not going to put forward any demands,” Said Shmatko.

Talking about the status of the deal, ONGC chairman R.S. Sharma said: “The deadline to close the Imperial deal is 2009 but we are well on track to complete it ahead of schedule.”

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