Addax buys Shell's stake in Pecten
Updated: 2011-11-04 11:00
BEIJING-- 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 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.