Sinopec overseas crude output increase after Addax takeover

2009-12-12 03:29:21 GMT

BEIJING, Dec. 12 (Xinhua) -- Overseas crude oil output for Sinopec, China's leading onshore oil producer, would top 17 million tonnes in its total output of 60 million tonnes for this year.

The acquisition of Addax Petroleum Corp this year has boosted the company's overseas oil production to a large extent, company spokesman Huang Wensheng was quoted by Saturday's China Daily as saying.

The company pumped 9.01 million tonnes crude oil last year from its 35 overseas projects in Africa, South America, the Middle Eastand Russia, according to Huang.

The refiner wrapped up the 7.9 billion U.S. dollars purchase of the Geneva-based Addax Petroleum Corp. in August, gaining reserves in Iraq's Kurdistan and West Africa. It is so far the largest overseas acquisition by any domestic company in the country.

Source: http://english.sina.com/business/2009/1211/292509.html

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