China green lights Sinopec's $7.2bn Addax deal
Takeover of Swiss-Canadian E&P company wins approval from Beijing
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The Swiss-Canadian oil exploration and production company Addax Petroleum Corporation has announced that the proposed US$7.2 billion takeover from Chinese hydrocarbons giant Sinopec has won approval from the Chinese government.
In a statement Addax said Sinopec International Petroleum Exploration and Production Corporation (SIPC), the Sinopec subsidiary behind the takeover had obtained all the relevant approvals from the government entities required to complete the deal.
Addax recently announced that had received a letter from the Minister of Natural Resources of the Kurdistan Regional Government (KRG) as part of the conditions set by Chinese oil giant Sinopec for the proposed takeover.
Addax Petroleum shares a licence for the Taq Taq oilfield in Kurdistan and the recent thawing of relations between the Iraqi Oil Ministry and the Kurdistan Regional Government (KRG) has meant that the many companies operating in the area have become attractive acquisition targets for the major oil companies.
The company also has major interests in West Africa including Nigeria, Cameroon and Gabon.