Nigeria: At Last, China Makes Dramatic Entry Into Nigerian Oil Sector

28 June 2009

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.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.