BEIJING, August 18 (RIA Novosti) - Sinopec Group, China's largest oil refiner, has taken over Geneva-based oil and gas producer Addax Petroleum Corp., the Xinhua news agency said on Tuesday.
According to the agency, the Sinopec group purchased the Swiss oil company for around $7.2 billion. Sinopec said it paid $47.80 per share for 157.6 million Addax shares.
Sinopec have not confirmed the deal, however.
The deal would be the largest overseas takeover deal by a Chinese oil company.
Addax is an international oil and gas exploration and production company focused on Africa and the Middle East.
