Sinopec makes a bid for Urals

Following its takeover of Canada-based Tanganyika Oil Co, China Petrochemical Corp, or Sinopec, is continuing its overseas expansion by seeking to acquire Russia-focused firm Urals Energy.

Russian newspaper Kommersant reported last week that Sinopec, China's biggest oil refiner, had offered to pay $130 million for Urals Energy, almost five times higher than the market value of the London-listed oil-producing company.

Urals Energy shares soared 100 percent at the opening of trade the following day.