Chinese oil giant takes over Swiss firm
Beijing, Aug 18, 2009 : China’s largest oil refinery Sinopec has taken over the Geneva-based oil and gas producer Addax Petroleum Corp., company officials said Tuesday.
Sinopec purchased the Swiss oil company for around $7.5 billion. The deal is the largest overseas takeover by a Chinese oil company. Addax is an international oil and gas exploration and production company focused on Africa and the Middle East.
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