Addax confirms China purchase

Firm active in Iraqi Kurdistan to be purchased by overseas arm of one of China’s state oil company.

Ben LandoBen Lando of Iraq Oil Report

Wednesday, June 24th, 2009

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.

Addax confirms China purchase

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