London oil firm Addax in deal talk

CHINESE state-owned refiner Sinopec is making a brazen &pound;4.8bn bid for Addax Petroleum, outbidding competitors including the Korean National Oil Corporation. <br /><br />Sinopec is understood to still be in early talks with London-listed Addax, in the latest move by China to buy into global oil reserves, as it seeks to secure assets to fuel its unprecedented economic growth. <br /><br />The sale of Addax, which has oil fields in Iraqi Kurdistan and Nigeria, is being managed by Canadian investment bank RBC. <br /><br />If the deal goes ahead, Addax boss Jean Claude Gandur will become the second billionaire from an acquisition involving Kurdistan-operating companies this month. Gandur owns 3.6 per cent of the company, and controls an investment arm in Addax which is worth 35 per cent.<br /><br />The news comes after Heritage Oil merged with Turkey&rsquo;s Genel Enerji last week, leaving Heritage&rsquo;s controversial founder Tony Buckingham with 16 per cent of the new group,&nbsp; worth around $1bn (&pound;6.3m).<br /><br />China is taking advantage of the relatively low oil price to make sizeable acquisitions overseas.