Newspaper article The Evening Standard (London, England)

Imperial Energy Sale to India Hands ?90 Million to Founder

Newspaper article The Evening Standard (London, England)

Imperial Energy Sale to India Hands ?90 Million to Founder

Article excerpt

Byline: SIMON ENGLISH

PETER Levine was ?90 million richer today after talks to sell his Imperial Energy business to India ended in success.

Levine founded the business four years ago, building it into an FTSE 250 company with a string of oil exploration and production interests in Siberia. Indian state-owned energy firm ONGC Videsh has bought the business in a 1250p-a-share deal that values Imperial at ?1.4 billion.

The deal ends a tug of love for Imperial, with Sinopec of China also in the running. Both China and India have been targeting Siberia as a source of energy as they look to power their expanding economies.

ONGC, the Oil and Natural Gas Company, has earlier done deals with

ExxonMobil among others. Levine, the chairman, sold ?26 million of shares in the business at the start of this year, but still held a 6% stake that he has now cashed in.

Although the company is seen by the City as having a bright future, it has yet to make a profit. …

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