Chinese refiner Sinopec to buy Canada’s Addax Petroleum for $7.2 billion

September 30th, 2009 Report: China moves in on Nigeria oil reservesOne of China's three energy majors is negotiating with Nigeria to buy large stakes in some of the world's richest oil blocs, according to a media report Tuesday. If confirmed, it shows how aggressively China is going after new reserves in Africa, challenging major Western oil companies that dominate the region.

August 18th, 2009 BEIJING - 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.

August 18th, 2009 Sinopec completes China's biggest foreign takeoverBEIJING — Sinopec Group said Tuesday it has completed its $7.5 billion acquisition of Addax Petroleum, obtaining new reserves in Africa and the Middle East in China's biggest foreign corporate takeover to date. State-owned Sinopec Group is the parent of Sinopec Corp., also known as China Petroleum & Chemical Corp., Asia's biggest refiner by volume.

July 28th, 2009 Summary Box: Refiner Valero reports 2Q lossWHAT HAPPENED?: Valero Energy Corp., the nation's largest independent refiner, said Tuesday it lost $254 million in the second quarter — usually a robust period for refiners because of strong demand for products such as gasoline and jet fuel. WHAT WENT WRONG?: The recession has simply crushed energy consumption.

July 15th, 2009 Former Chinese oil executive convicted of graftBEIJING — The former chairman of China's second-biggest oil company, Sinopec, was convicted of taking $29 million in bribes and given a suspended death sentence Wednesday in Beijing's latest effort to stem chronic corruption. Chen Tonghai was convicted of illegally receiving 196 million yuan ($29 million) from 1999 to June 2007, when he resigned abruptly as chairman of Sinopec, government-run China Central Television and the Xinhua News Agency reported.

July 3rd, 2009 China Investment buying stake in Teck ResourcesTORONTO — Mining company Teck Resources Ltd. said Friday it is selling a 17 percent stake to China Investment Corp.

June 25th, 2009 Iraq's first postwar oil bidding for oil contractsIraq is scheduled to open its first postwar bidding for oil service contracts on Monday. International oil companies were expelled by Saddam Hussein more than 30 years ago.

June 25th, 2009 Sinopec seeks capacity, reserves with Addax bidSHANGHAI — Sinopec, with its $7.2 billion bid for Addax Petroleum, is seeking crucial production capacity and coveted reserves in West Africa and the Middle East to help balance its heavy reliance on crude oil processing. News that Addax's board had approved the offer by Sinopec, formally known as China Petroleum & Chemical Corp., helped push the Beijing-based company's shares up more than 2 percent Thursday, though they later fell back to close just 0.4 percent higher at 10.56 yuan.

June 24th, 2009 China's Sinopec to acquire Addax PetroleumCALGARY, Alberta — Chinese refiner Sinopec agreed to acquire oil and gas exploration company Addax Petroleum Corp. in a deal valued at $8.27 billion Canadian (US$7.2 billion), gaining access to reserves in West Africa and the Middle East.

June 24th, 2009 China's Sinopec makes $7.2B grab for AddaxTORONTO — China's Sinopec will acquire oil explorer Addax Petroleum for $7.2 billion, again flexing the country's economic clout in what would be the largest overseas takeover ever by a Chinese company. China has been aggressively pursuing major acquisitions or investments in commodity companies and the push-back from other countries has just as forceful.

June 9th, 2009 Reports: China's Sinopec mulling takeover of AddaxSHANGHAI — Chinese refiner Sinopec is in preliminary talks on acquiring Canadian oil and gas exploration company Addax Petroleum Corp., reports said Tuesday. The potential takeover bid is the latest effort by Chinese energy and resource companies to expand and diversify overseas assets as Beijing seeks to secure resources for the country's future growth.

May 12th, 2009 Report: China-Kuwait ink $9 bln oil refinery dealSHANGHAI — China and Kuwait have signed a long-awaited agreement on a $9 billion oil refinery in southern China's Guangdong province, said to be the country's largest such venture so far. The deal was signed late Monday in Beijing by Kuwait's oil minister, Sheik Ahmed Al Abdullah Al Sabah and Zhang Guobao, director of China's energy agency, the official Kuwait News Agency reported on its Web site on Tuesday.

April 29th, 2009 China shares up on better company earningsSHANGHAI — Chinese shares rebounded Wednesday after a three-day drop as investors were cheered by improving corporate quarterly earnings. Energy stocks like Sinopec and bank shares like ICBC led the gains.

April 28th, 2009 Chinese refiner Sinopec: 1Q net profit up 85 pctSHANGHAI — China Petroleum & Chemical Corp., Asia's largest refiner by capacity, said Tuesday that its net profit rose 85 percent in the first quarter, helped by rising prices for oil products and lower crude oil costs. The company, also known as Sinopec, reported a net profit of 11.2 billion yuan ($1.6 billion) in January-March, up from 6.06 billion yuan in the first quarter of 2008.

January 28th, 2009 NEW DELHI - State-run refiner Bharat Petroleum Corp Ltd (BPCL) Thursday announced 172 percent rise in net profit for the quarter ended Dec 31 over the year-ago period. The company's net profit went up to Rs.7.9 billion (Rs.790 crore/$161 million) in the third quarter from Rs.2.9 billion a year ago.