Addax confirms China purchase
Firm active in Iraqi Kurdistan to be purchased by overseas arm of one of China’s state oil company.Addax Petroleum, the Swiss-based and UK- and Canadian-listed company, confirmed Wednesday Sinopec is indeed the formerly rumored interested party in a purchase.
A statement by the firm said, pending approval by shareholders and the Chinese government, Sinopec will take over Addax in a $7.22 billion bid.
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