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Imperial Energy, already with an offer from India's state-owned Oil & Natural Gas Corp., confirmed being approached with another "possible cash offer", Britain's The Daily Telegraph reported Tuesday.

The company didn't name the party but the Telegraph said Sinopec, China's largest oil refiner, has been granted access to Imperial books for due diligence.

Sinopec is reported to be preparing to beat the Indian company's offer of more than $25 a share, with a bid valuing Imperial at about $2.55 billion.

China's Xinhua reported if Sinopec succeeds, it would be the largest takeover by a Chinese company of a rival.

The report quoted analysts that the bid is an effort by China, the world's second-largest energy consumer, to enter the Russian energy market.

Britain's Independent reported Imperial is producing 10,000 barrels of oil a day, although it plans to raise output to 80,000 daily barrels by 2011, with its total recoverable reserves estimated at 900 million barrels.

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