Russian Prime Minister Vladimir Putin is likely to clear the acquisition of Imperial Energy by ONGC Videsh Ltd ahead of the Indo-Russian summit in New Delhi in December, as the asset has been found to be of 'non-strategic' nature, media reports suggest.
Imperial Energy, which operates in Siberia's Tomsk region and far eastern Kamchatka, has no strategic fields and deposits under its control, business channel RBC TV reported quoting sources in the natural resources and environment ministry.
The London-based oil company owns a number of licences and hopes to produce 35,000 barrels per day (bpd) by the end of 2009 and 80,000 bpd by 2011, which could be directly exported to energy-hungry India.
The OVL's case will now go to the Federal Anti-Monopoly Service -- the watchdog for mergers and acquisitions by -- passing the Federal Security Service before it is approved by Putin, who heads the government commission on
foreign investments.
OVL acquired Imperial Energy for about $2.6 billion pending the clearance by the Russian M&A
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