SAVE MONEY ON TRAVEL DEALS

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.

 BREAKING STORIES

China to reduce income tax

China to build pipeline through Myanmar

Regulator:Chinese banks face lower profits

China to issue bond for stimulus plan

Crude oil prices down on China report

China inflation dips to 4 percent

China says jumbo jets

China central bank cuts lending rate

CNPC to develop Uzbekistan oilfield

China raises grain purchase price

China's ICBC opens unit in Dubai

China to invest heavily in Pakistan

China central bank cuts interest rate

Appliance tycoon named China's wealthiest

IBM, Volvo allow Chinese labor unions

GE to add 5 more regional centers in China

China's central bank cuts key lending rate

China to become top Asia consumer market

Execs: Guzzler tax won't hurt China sales

China ICBC bank's foreign assets soar