China Petroleum and Chemical Corporation (Sinopec) has taken possession of 80% of Pecten Cameroun Co shares, through its subsidiary Addax Petroleum. The latter is an oil exploitation unit formerly owned by Shell.
Su Shulin, President of the Chinese Group Sinopec since 2007
China Petroleum and Chemical Corporation (Sinopec) has taken possession of 80% of Pecten Cameroun Co shares, through its subsidiary Addax Petroleum. The latter is an oil exploitation unit formerly owned by Shell.
According to Petroleum Africa, the amount of the transaction was 538 M$.
The remaining 20% is held by the State Company, National Hydrocarbons Company (SNH).
The company was renamed Addax Petroleum Cameroon Company (APCC).
In a press release published on the Internet site, Yi Zhang Director General of Addax Petroleum expressed his satisfaction saying: «I am delighted about the efficiency with which the buyout operation was carried out. I would also like to thank the government of Cameroon for approving this initiative ».
The year 2011 was marked in Cameroon by the departure of Total, followed by that of Shell and the simultaneous build-up of Chinese companies which henceforth own 11 exploitation blocks and 42 oil producing fields in the country.