Sinopec Group had completed its $7.5 billion (R61bn) acquisition of Addax Petroleum, obtaining new reserves in Africa and the Middle East in China's biggest foreign corporate takeover to date, the group said yesterday.
State-owned Sinopec Group is the parent of China Petroleum & Chemical Corporation, Asia's biggest refiner by volume. It wants to expand its oil production capacity to profit from rising crude prices that have cost it billions of dollars in recent years due to Beijing's caps on retail fuel prices.
Addax, based in Geneva, has oil and gas exploration and production operations mainly in west Africa and the Middle East. It jointly operates the Taq Taq field in Iraq's Kurdish region with Turkey's Genel Enerji.
London- and Toronto-listed Addax said Sinopec had promised to keep Addax's top management intact. - Sapa-AP
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