Lagos — Last week's decision of China's largest petroleum refiner, Sinopec International Petroleum Corporation to acquire Addax Petroleum Corporation has been described as a victory of sort for the Asian country after years of unsuccessful bidding for a piece of action in the Nigerian oil industry.
Sinopec, an acronym for China National Petroleum Corporation is said to have paid $7.24 billion (N1.06 trillion) for Addax Petroleum after the Canadian-based outfit gave the nod to the Chinese giant's $46 a share takeover offer.
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