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Korea M&A Corporation
Sinopec may acquire Canada-based Addax for US$8 bln 본문
Jun. 9, 2009 (China Knowledge) - Sinopec<600028>, the largest refiner in Asia by capacity, reportedly hopes to purchase a 100% stake in Canada-based Addax Petroleum Corp, which is engaged in the oil and gas businesses in Africa and selected countries in the Middle East, for up to US$8 billion, the South China Morning Post reported on Jun. 8.
Su Shulin, board chairman of Sinopec, has mentioned that the firm is seeking overseas mergers and acquisitions (M&A).
China National Offshore Oil Corp (CNOOC) and China National Petroleum Corp (CNPC), who are also interested in buying the Canadian oil enterprise, will likely submit bids of around US$4 billion for a stake in an oil field belonging to Kosmos Energy, which is also principally engaged in the oil and gas businesses in Africa, sources reported.
CNPC is also drawing up a plan to expand trade in oil sands with Canada, especially with Alberta, a western province of Canada. CNPC currently has 11 exploration rights on oil sands in Alberta.
Source from : http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&NewsID=24286