Latest News:  
Beijing   Sunny    14 / 2   City Forecast

Home>>China Business

Sinopec completes buy of Shell subsidiary

(Guangming Daily)

16:31, November 08, 2011

Edited and translated by People's Daily Online

Beijing, Nov.8 (People's Daily Online) --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.

  We Recommend  


Leave your comment1 comments

  1. Name

Reader at 2011-11-0872.37.249.*
Very poorly written article. Grammar is atrocious and does not convey the message. The entire first paragraph is a single sentence. Breaking up the sentence would allow for clarity.

Selections for you

  1. President Hu casts ballot to elect new deputies for local people's congress

  2. Chinese Navy "Peace Ark" hospital ship arrives in Trinidad and Tobago

  3. China's gold output may exceed 350 tonnes this year

  4. Dredging eases clogged traffic in China's golden waterway

Most Popular


  1. US must ease restrictions on exports to China
  2. No easy answers in Greek debt crisis
  3. House prices, pain and gain
  4. Why China gains big leap skyward
  5. Comment: Slight tweaks not a reversal
  6. China can learn from US big picture strategy
  7. What does space station mean for China?
  8. High-speed rail challenges China's vision
  9. Rethink China's nuke weapons strategy
  10. Housing policy unwavering

What's happening in China

Climate change threatens China's crops

  1. Construction site catches fire in Beijing
  2. Chinese eat Koalas? Nonsense!
  3. Green village to showcase sustainability
  4. Nine convicted for two roast duck scams
  5. 8 jailed for making fake sex pills

PD Online Data

  1. Lunar New Year´s Eve (I)
  2. Lunar New Year´s Eve (II)
  3. Little New Year (I)
  4. Little New Year (II)
  5. House Cleaning