Arab Today, arab today addax completes acquisition of shell\s stake in pecten
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Addax completes acquisition of Shell\'s stake in Pecten

Arab Today, arab today

Arab Today, arab today Addax completes acquisition of Shell\'s stake in Pecten

Beijing - Xinhua

Royal Dutch Shell PLC has sold its 80-percent stake in Pecten Cameroon Co. to the Chinese-owned Addax Petroleum Corp., the Sinopec International Petroleum Exploration and Production Corp.(SIPC) said Thursday. The deal was completed on Oct. 31, the SIPC said. Addax Petroleum, a wholly-owned subsidiary of the SIPC, paid 538 million U.S. dollars for Shell\'s 80-percent stake, according to an agreement signed by the companies in May. The SIPC is a wholly-owned subsidiary of the Sinopec Group. The deal marks the first time for the Sinopec Group to gain access to Cameroon\'s oil and gas reserves, the SIPC said.

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