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Article: Switzerland : Sinopec acquires Geneva-based Addax Petroleum Corp.
- Article from:
- TendersInfo
- Article date:
- August 22, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
China Petrochemical Corporation (Sinopec Group) has acquired Geneva-based Addax Petroleum Corp through its wholly-owned Sinopec International Petroleum Exploration and Production Corporation (SIPC). Per share bid price by SIPC's is C$52.8 (US$46), totaling to over C$8.32 bln (US$7.56 bln), the largest by cost overseas takeover transaction yet made by a Chinese oil company. With its oil and gas assets concentrating in Nigeria, Gabon and Iraq, Addax has 25 oil and gas blocks. Its remaining recoverable proved and probable reserves are 537 million barrels and the average crude oil output is 143,000 barrels per day. The annual oil output is expected ...