Conscious of limited choice and political strife, China is taking a multi-faceted approach to acquiring overseas oil and gas assets. With US$19.5 billion on offer, Aluminum Corp of China’s investment in Anglo-Australian miner Rio Tinto was poised to become a landmark event in Beijing’s quest for natural resources. But over the course of three months, [...]
Sinopec announced that it has agreed to buy Addax Petroleum. China’s second-largest oil company, has agreed to pay US$7.2 billion for Addax which is a Toronto and London-listed firm with assets in Africa and Iraq. Sinopec will offer, via its subsidiary Sinopec International Petroleum Exploration and Production Corp, C$52.80 (US$45.99) per share. That is a [...]
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, [...]
China Petroleum and Chemical Corp (Sinopec) has not made a bid for Swiss oil producer Addax Petroleum. The UK’s Sunday Times reported that Sinopec had paid US$7.9 billion for Addax, exceeding a bid by Korean National Oil Corp. The paper did not reveal the source of its information. Addax said last week that it was [...]
