Sinopec launches bid for Imperial Energy

LONDON (Reuters) - Chinese state-owned oil company Sinopec (600028.SS) has launched a bid for Imperial Energy IEC.L, in a move that could trump an existing 1,290 pence a share offer for the London-listed energy group, The Sunday Telegraph reported.

Imperial Energy's board has allowed Sinopec, which is also known as China Petroleum & Chemical Corporation, to start due diligence, the newspaper said.

The Chinese company was understood to have approached authorities in Russia, where Imperial has most of its assets, to get clearance for its approach, The Sunday Telegraph said.

Imperial Energy said last month it had received a cash offer of 1,290 pence a share, valuing the group at 1.3 billion pounds ($2.57 billion). Industry sources identified the bidder as Indian state-controlled Oil and Natural Gas Company (ONGC) (ONGC.BO).

A spokesman for Imperial Energy declined to comment. Sinopec could not immediately be reached for comment.

(Reporting by Paul Sandle; editing by Sue Thomas)