KNOC, Sinopec may be battle for Addax buyout
Sinopec and Korea National Oil Co (KNOC) are locked in a battle over the acquisition of Addax Petroleum.
Bids for the Swiss oil and gas explorer have reached in excess of US$8 billion, including debt. Both KNOC and Sinopec are still negotiating with Addax. A source with direct knowledge of the matter told the Post, "KNOC has put in a bid for Addax – for the whole company." Addax's current market capitalization is roughly US$6.1 billion.
The firm is primarily focused on Africa and the Middle East, and has projects in Nigeria, Gabon, Cameroon, and exploration licenses in the Kurdistan region of Iraq. A takeover by either Sinopec or KNOC would continue both companies' long-term strategies of securing energy supplies for their home countries' growing economies.
Sinopec earlier denied it had made a bid for Addax.
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