China’s Sinopec seeks crucial capacity, coveted reserves with $7.2B Addax bid

SHANGHAI — 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.

Reports: Chinese refiner Sinopec mulling takeover of Addax Petroleum, in latest overseas bid

SHANGHAI — Chinese refiner Sinopec is in preliminary talks on acquiring Canadian oil and gas exploration company Addax Petroleum Corp., reports said Tuesday.