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Addax completes acquisition of Shell's stake in Pecten


13:10, November 04, 2011

BEIJING, Nov. 3 (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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