China buys Addax for £4.4bn to tap Iraqi oil
China has made its first big foray into Iraq in a C$8bn (£4.4bn) deal to buy London-listed oil explorer Addax Petroleum.
By Rowena Mason
ImagesNext A platform at an oil well in the Northern Iraq region of Kurdistan
An Iraqi worker opens an oil pipeline at al-Shouayba refinery station in Basrah
Iraqi workers inspect equipment in the control room of the Basra oil refinery
An Iraqi oil refinery engineer walks along the Iraqi- Turkish pipeline in Kirkuk
Sinopec is China's second-largest oil company and an increasingly powerful player in the energy world
The board of Addax, which is also listed in Toronto and based in Switzerland, has recommended a C$52.80 per share offer from Sinopec, the Chinese state oil and gas company.
Addax has oil assets in West Africa and the Middle East, particularly the Kurdistan region of northern Iraq. The company has increased its crude oil production from 8.8m barrels per day ten to 134.7m barrels per day over the last ten years. www.telegraph.co.uk/finance/newsbysector...o-tap-Iraqi-oil.html