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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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