Chinese oil refiner Sinopec has made a $7.2bn (£4.4bn) bid for oil exploration and producing firm Addax, which focuses on Africa and the Middle East. The deal, which still requires approval by regulators, would be the largest foreign takeover by a Chinese firm. Sinopec said the acquisition marked a crucial step in its "globalisation". China has been seeking to expand its access to natural resources abroad in recent years in response to its rapidly expanding economy. Sinopec is trying to expand its direct access to oil reserves and shift away from its reliance on refining oil. "We trust that this acquisition suits Sinopec's strategic goals, that it will strengthen Sinopec's presence in west Africa and Iraq and is a major step in its globalization," said Sinopec in a statement. Resistance The firm's move is "more than... [read full story]
