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Addax
’Addax deal to take Sinopec into Iraq
China highlighted its ambitions to expand in the resources sector on Thursday when state-owned Sinopec – one of China’s largest oil companies – agreed to a C$8.3bn ($7.2bn) takeover of Addax, a Swiss-based oil company listed in Toronto and London with interests in Africa and Iraqi Kurdistan.
Sinopec swoops on oil explorer — or does it?
China’s resources drive continues apace, despite the resounding failure of Chinalco’s bid to acquire a big stake in Rio Tinto. According to weekend reports – initially in the Sunday Times – Chinese state-owned oil group Sinopec is stepping up its race to secure access to global oil reserves with an “audacious”