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.
Earlier this month rumors began that Sinopec was offering for Addax. News broke around the same time that Turkey’s Genel Enerji, a partner with Addax in an oil project in Iraq’s Kurdis...
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