Being the second biggest oil company in China, Sinopec Group decided to buy a oil and gas company, Addax Petroleum Corp at the price of 7.3 billion dollars, which is based in Geneva. This happened in a bid to tap oil reserves in West Africa and the Middle East.

It was the subsidiary company of Sinopec Group, Sinopec International Petroleum Exploration and Production Corp (SIPC), that settled the deal. On June 24th, Sinopec in Beijing Read more…

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China, company, economy, gas, oil, Sinopec

Some of the overseas companies badly hurt by the financial crisis may be bought by PetroChina, Asia’s biggest oil and gas producer for which to increase its capacity and meet rising domestic demand.

According to Jiang Jiemin, the company’s chairman at a shareholders meeting yesterday, the feasibility of acquiring some overseas resources companies badly influenced by the global crisis is still being discussed.

“Now the low share prices of some global resources companies provide Read more…

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crisis, financial, gas, import, PetroChina