Beijing, June 25, China Petrochemical Corporation on the 24th announced that its subsidiary wholly-owned subsidiary of Sinopec International Petroleum Exploration and Development Co., Ltd., headquartered in Switzerland with the cash acquisition of Addax Petroleum reached agreement to each Unit price of 52.80 Canadian dollars to buy all the shares of the company.
It is understood that Sinopec to acquire a total 82.7 billion Canadian dollars, equivalent to 7.24 billion U.S. dollars. Sinopec said the acquisition Addax Petroleum has received the unanimous support of the board of directors. However, the final completion of the agreement must receive the approval of relevant government departments. As a multi-national oil and gas exploration and development company, Addax Petroleum in West Africa and the Middle East have oil and gas assets. As of the end of last year, the company's proven oil reserves of 5.36 million barrels, with an average daily output of crude oil 140,000 barrels of crude oil production was 7,000,000 tons.
Sinopec said that the acquisition of Addax Petroleum will be conducive to China's Sinopec International Petroleum Exploration and Development Co., Ltd. to achieve its strategic objectives and strengthen its presence in West Africa and the Iraq region. The company a good potential for deep-water oil exploration for Sinopec International Petroleum Exploration and Development Co., Ltd. to create a good development platform.
Sinopec also said that completion of the acquisition, Addax Petroleum will continue to retain the existing management team and employees.
Sinopec International Petroleum Exploration and Development Co., Ltd. on behalf of unity in the exercise of the upstream and downstream petrochemical investment projects for foreign cooperation and a unified management, is engaged in upstream and downstream petrochemical investment and management company of the only specialization. Its overseas oil and gas exploration and development projects throughout Africa, Central Asia, the Middle East, Russia, the Americas, South Asia more than 20 countries, has taken shape in the overseas oil and gas production strategic cooperation.
Jun. 25, 2009
