ONGC

ONGC said on Monday it was still awaiting Russia's approval for its $2.6 billion bid for UK-listed oil explorer Imperial Energy, but sources familiar with the situation denied speculation that ONGC wanted to cut the bid price.
Russia's anti-trust authority (FAS) said on Friday it had cleared the 1,250 pence a share offer for Russia-focused Imperial, which ONGC's overseas unit, ONGC Videsh, had announced in August when crude oil fetched around $128 a barrel.
The Economic Times quoted on Monday a cabinet source as saying the Indian government now felt the bid price might be too high.
Imperial's share price fell after the newspaper report and a statement from ONGC Videsh that said full clearance for the deal had not been received from the FAS, despite the anti-trust agency's announcement on Friday.
The share price initially fell as much as 14 per cent in early trade and closed down 6.1 per cent at 1,000 pence.
ONGC Videsh said on Monday it had received anti-monopoly approval and a spokesman said the company was working towards "quickly" completing the deal.
But ONGC Videsh also said it was still awaiting approval in relation to restrictions on foreign state-controlled firms buying Russian companies.
The head of the Russian agency's foreign investment control department, Svetlana Levchenko, said this was not necessary since, as ONGC Videsh acknowledged, Moscow has deemed Imperial's assets non-strategic.
"After reviewing the bid, FAS has decided that Imperial's assets are non-strategic, meaning that the company is not subject to the law on foreign strategic investments," Levchenko said in a telephone interview.
NO RENEGOTIATION
ONGC Videsh has not approached Imperial about cutting the bid price, sources close to both sides said on Monday.
"They are not acting like they do not want to do the deal," said one source familiar with the situation.
A senior India oil ministry official said there was no plan to redraw the deal.
"So far ONGC Videsh has not approached us for any reconsideration of the deal. They have come to us if they decide to renegotiate it."
Other sources said the apparent confusion on whether bid conditions had been met reflected the fact it was the first time the strategic assets rules and foreign state ownership rules were being applied in conjunction.
"My impression at this time is that it's about process," a second source close to the matter said.
Two Imperial investors said they were confident the bid would proceed at the current price.
"There's absolutely no wiggle room with this," one hedge...