China Acquires Swiss Oil Producer

Geneva-based oil and gas producer Addax Petroleum Corp was purchased by China's largest oil refiner. Addax primarily deals in projects located in Africa and the Middle East. For the past decade China has been increasing its presence on the African continent. Many business deals and a large influx of Chinese into this region is a symptom of acquisition in Africa's infrastructure. What would be the overall problem of long term, maybe permanent Chinese influence in this area? China will own the world one day and we will wonder what we did wrong.... China already owns the largest share of America's debt and this will likely continue to increase. Especially, with Obama's planned stimulus debt of 1.3 trillion dollars or more. How will America pay for this HUGE burden in the long run--increased taxes is the only way..... lakotahope
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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.