China's state oil group Sinopec has made a £4.8 billion (Dh28.9bn) bid for Addax Petroleum, a London-listed oil exploration group with fields in Kurdistan and Nigeria, the Sunday Times newspaper reported.
Without citing sources, it said Sinopec put forward the offer last week, trumping an earlier bid from the Korean National Oil Corporation.
Addax has one of only two operational fields in Kurdistan, the northern region of Iraq, where an oil export pipeline via Turkey was opened earlier this month, increasing interest in those with operations in the area.
Sinopec was not immediately reachable for comment. Addax, also listed in Canada, issued a statement saying it was "aware of press speculation involving the corporation and the interest in it by third parties with respect to a possible acquisition or business combination". "Addax Petroleum acknowledges that it has held preliminary discussions with third parties expressing an interest in a potential transaction with the Corporation.
While such preliminary discussions are ongoing, no assurance can be given that a transaction will be completed," it said.
Addax, founded in 1994, is headed by Jean Claude Gandur, who holds a 3.6 per cent stake in the firm.
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