After the acquisition of Addax, Sinopec will find a new position in the world top 500 and among its international counterparts, she said.
According to Xing, the next challenge for Sinopec is the international management of capital, personnel, material and risk control.
Sinopec's efforts to take over Addax began in February. The agreement for Sinopec to offer to acquire all the 157.6 million outstanding common shares of Addax for 52.80 Canadian dollars per share in cash was signed on June 24. The deal won permission from the Chinese government on Aug. 6.
The Geneva-based Addax Petroleum, listed in London and Toronto, is one of the largest independent oil producers in West Africa and the Middle East. Total earnings of the company are 3.76 billion U.S. dollars in 2008 with its net profit reaching US$784 million.
(Xinhua News Agency August 19, 2009)
