November 08th, 2011 | People's Daily Sinopec completes buy of Shell subsidiary
On May 15, 2011, the Sinopec International Exploration and Production Corporation, a subsidiary company wholly-owned by the Sinopec Group, signed an acquisition agreement through the Addax Petroleum Corporation, its wholly-owned subsidiary company, with Royal Dutch Shell to purchase 80 percent of the shares of the Pecten Cameroon Company (PCC) held by the Royal Dutch Shell using 538 million U.S. dollars.
The Cameroon state oil monopoly will hold the other 20 percent of the shares of the PCC. The transition was completed on Oct. 31, 2011.
The PPC has 12 production and exploration areas in the costal basin of Cameroon, and two of them are exploitable areas. On the base day of the transition, which fell on Dec. 31, 2010, the remaining petroleum reserves under the Sinopec Group stood at 35.9 million barrels. It is expected that the output on the valid days of 2011 will be 11,900 barrels per day, equal to 600,000 tons per year.
Edited and translated by People’s Daily Online