Sinopec Corp jumps 1.8 pct after parent's Addax deal

HONG KONG, June 25 - Shares in Asia's top refiner Sinopec Corp <0386.HK> jumped 1.8 percent at the open on Thursday, after its parent company embarked on China's largest-ever foreign oil acquisition.

The stock was set to open higher at HK$5.69 while its Shanghai listed shares <600028.SS> had gained 1.7 percent.

Sinopec Group agreed on Wednesday to buy Addax Petroleum Corp <AXC.TO> for about C$8.27 billion to secure the Swiss oil explorer's high-potential oil blocks in West Africa and Iraq. [ID:nBNG477261]

• Email Story
• IM Story
• Printable View
• Blog This

Related Articles: Business

• BT offers staff time off in exchange for pay cutAP - Sunday, July 5
• Ruling favors Antiguan receiver in Stanford caseAP - Sunday, July 5
• GM Europe: Talks on selling Opel near completionAP - Sunday, July 5
• GM Europe head says to sell Opel to Magna soon: reportReuters - Sunday, July 5
• Rescuers find debris of Yemenia aircraft-ministryReuters - Sunday, July 5