Aug. 19, 2009 (China Knowledge) - Sinopec Group, the parent of Sinopec<600028><0386><SNP>, yesterday announced that it has completed the purchase of Addax Petroleum Corp for US$7.56 billion or US$46 per share through Sinopec International Petroleum Exploration and Production Corp, a wholly-owned unit, in the largest-ever overseas takeover by a Chinese oil enterprise, sources reported.

Xing Houyuan, an expert with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, said that the acquisition will be a significant step for Sinopec Group towards becoming an international giant.

On Aug. 6, Sinopec Group received approval from the Chinese ** to acquire all 157.6 million outstanding common shares of Addax Petroleum.

Geneva-based Addax Petroleum, whose assets are mainly located in Nigeria, Gabon and Iraq, has oil and gas reserves of 537 million barrels in 25 oil and gas blocks.

In the second half of this year, Addax Petroleum will output an estimated 143,000 barrels per day of crude oil. The yield in Nigeria will account for 72.2% of the total. This year the company is expected to output 10 million tons of oil, up from 7 million tons last year. In 2008, Addax Petroleum reaped US$784 million in net profit and realized US$3.76 billion in total revenue.