Sinopec yesterday moved to accelerate its investments in Africa as well as the booming oil frontier of Iraqi Kurdistan by agreeing a C$8.3bn ($7.2bn) takeover of Addax Petroleum, the independent oil company.
Chinese state-owned Sinopec, one of the country's biggest oil companies, will pay C$52.80 per share to acquire Addax, a Switzerland-based small oil producer active in Nigeria and Gabon. The company would cancel its Toronto and London listings if the deal goes through.
According to Dealogic, Sinopec's acquisition would be China's largest ever outbound investment in the oil and gas sector.
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