Genel Energy's (GENL.L) board said Friday that the unsolicited takeover proposal it rejected from DNO (DNO.OL) "fundamentally undervalues" the London-listed oil producer.
Earlier on the same day, Norwegian oil and gas operator DNO presented a possible cash offer of 0.69 pound sterling per share, valuing Genel at 202 million pounds, with a cash-and-share alternative.
DNO has until Sept. 4 to make a firm offer intention or walk away.
Orlen (PKN.WA) said Thursday its attributable net profit and revenue for the first half increased year over year.Net profit attributable to owners of the parent for the six months ended June 30 was 15.76 billion Polish zlotys, compared with 5.59 billion zlotys earlier. EPS moved to 13.57 zlotys from 4.81 zlotys.The Polish energy company's revenue was 152.24 billion zlotys, compared with 134.44 billion zlotys a year ago.
China Petroleum & Chemical (HKG:0386, SHA:600028), d/b/a Sinopec, increased its purchases of Far East Russian oil to offset reduced Middle East supplies caused by the war, Reuters reported Thursday, citing trade sources and ship-tracking data.The state-owned refiner purchased 30 to 40 cargoes of Russia's Eastern Siberia-Pacific Ocean (ESPO) blend for July through September delivery, equivalent to about 241,000 to 320,000 barrels per day, or 5% to 6% of its 5.2 million-barrel-per-day refining capacity, the report said.Ship-tracking data from Vortexa Analytics showed Sinopec secured about 7.4 million barrels of ESPO crude in July. The refiner has also purchased at least 10 cargoes each for August and September delivery, Reuters reported.Sinopec did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)