Russia clears Imperial Energy deal with ONGC Videsh

Moscow, Nov 8 (PTI) Russia's anti-trust watchdog Friday cleared the acquisition of U.K.-listed Imperial Energy by O.N.G.C. Videsh Ltd allowing the Indian energy major to close the USD 2.58 billion deal.

"The Federal Anti-monopoly Service (F.A.S.) has given a positive response to the Jarpeno Ltd, controlled by the O.N.G.C., which had applied for the acquisition of 100 percent equity in the Imperial Energy," leading business daily Kommersant reported.

Quoting F.A.S. spokesman the paper reported that
permission, which come into immediate effect was given Friday
after the Natural Resources Ministry clarified that Imperial
Energy's Russian assets in Tomsk region of Siberia are not of
strategic importance.

The daily noted that anti-trust watchdog cleared the deal
after Petroleum Minister Murli Deora had met Prime Minister
Vladimir Putin on Wednesday.

Imperial Energy has 12 licenses, mainly in Tomsk region
and one in Kazakhstan and was running in loss. Kommersant said
that last year its income was USD 20 million against net loss
of USD 43 million. PTI