Addax takeover to take Sinopec into Iraq
This is a discussion on Addax takeover to take Sinopec into Iraq within the China News forum, part of the Doing Business in China category; The Toronto-listed independent oil producer, which has interests in Africa and Iraqi Kurdistan, has agreed to a C$8bn offer from ...
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Jun 25th, 2009, 01:47 AM
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Re: Addax takeover to take Sinopec into Iraq
China’s ambitions to expand in the resources sector were underlined on Thursday when state-owned Sinopec agreed to a C$8.3bn (US$7.2bn) takeover of a Switzerland-based oil company with interests in Africa and the oil frontier of Iraqi Kurdistan.
Sinopec, one of China’s biggest oil companies, is buying Addax, an oil producer listed in Toronto and London in a deal that would be the country’s largest ever outbound investment in the oil and gas sector, according to Dealogic. |
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