Sinopec Group Completes Acquisition of Addax
Year:2009 ISSUE:24
COLUMN:M & A, BUSINESS & TRADE
Click:196    DateTime:Aug.26,2009
Sinopec Group Completes Acquisition of Addax      

Sinopec Group announced on August 18th it completed the acquisition of Addax through its wholly-owned subsidiary Sinopec International Petroleum Exploration and Production Corporation.
   The deal was approved by the Chinese regulatory authorities on August 6th. All conditions needed for the deal have been met. Hence Sinopec Group announced the successful closing of this transaction.
   With the acquisition of Addax, Sinopec would be able to expedite its overseas oil and gas exploration and development based Addax's resources, and enhance China's stable crude supply.
   In the second quarter of 2009, Addax produced averagely 143 000 barrels of crude per day.