China's Sinopec buys out Shell in Cameroon producer

摘要

Singapore-Sinopec has closed the $540 million purchase of a majority stake in Cameroon oil producer Pecten Cameroon Company from Shell, giving the Chinese company's presence in that western Africa country a major boost. Sinopec, through its 100%-owned Addax Petroleum, now holds an 80% stake in Pecten, which it has renamed Addax Petroleum Cameroon Company (APCC). Cameroon's state-owned Societe Nationale des Hydrocarbures holds the other 20%.