China buys Addax for £4.4bn to tap Iraqi oil

Telegraph UK ^ | June 24, 2009 | Rowena Mason

[greyfoxx39]

The board of Addax, which is also listed in Toronto and based in Switzerland, has recommended a C$52.80 per share offer from Sinopec, the Chinese state oil and gas company.

Addax has oil assets in West Africa and the Middle East, particularly the Kurdistan region of northern Iraq. The company has increased its crude oil production from 8.8m barrels per day ten to 134.7m barrels per day over the last ten years.

-SNIP-

The transaction is the second this month involving assets in Iraq's Kurdish territory after the region started exports at the beginning of June.

[greyfoxx39]

It sure is convenient for the media to be wall-to-wall with the Sanford flap while other things slip under the radar....Neda's family being forced out of their home in Iran....New York Times Poll Showing 72% Support for Obama's Health Care Plan Was Stacked With Obama Supporters...(CNS News)...UN to Emerge as Global IRS....

Why is it these stupid, horny republican politicians can't stay on the reservation?

[KoRn]

Also, don’t forget the ‘cap and tax’ bill that is getting ready to come up for a vote in the House.

[greyfoxx39]

Also, don’t forget the ‘cap and tax’ bill that is getting ready to come up for a vote in the House.

Yep, just another minor little fact that escapes the attention of the press.

Economic downside of Waxman-Markey bill

"The 942-page Waxman-Markey energy bill in the House -- known as "The American Clean Energy and Security Act" (H.R. 2454) -- aims to create new jobs, save Americans hundreds of billions in energy costs, reduce global warming and pollution, and wean the country off imported oil. If passed it would fail in every way."

[stefanbatory]

134.7m barrels per day? that sounds wrong...I thought total world consumption was only about 86m barrels per day...

[Oatka]

China buys Addax for £4.4bn to tap Iraqi oil

That's £4.4bn less to spend on Obama's bailout Treasury Bonds. I remember Brinkly, of the Huntley and Brinkly news show joking that we were worried about China taking over the world, and he said, "No, they're going to buy it."

He was a tad early, but prescient.

[thackney]

One M is thousand, two MM is million. It comes from Latin “Mille” meaning “thousand”, so MM is a “thousand thousands” which equals one million.

Usually I see it capitalized. Most energy sources report uses M and MM. Reporters sometimes get lost in the units.

[thackney]

http://www.addaxpetroleum.com/_media/Spring_Fact_Sheet20090407.pdf

Addaxx Fact Sheet. You will see the use Mbbl/d for production (thousands barrels per day) and MMbbl for reserves (millions of barrels).

[stefanbatory]

thanks! knew i could get some good info from you!