China Petroleum and Chemical Corp (Sinopec) has not made a bid for Swiss oil producer Addax Petroleum, Bloomberg reported, citing a Sinopec spokesman. The UK’s Sunday Times reported that Sinopec had paid US$7.9 billion for Addax, exceeding a bid by Korean National Oil Corp. The paper did not reveal the source of its information. Addax said last week that it was in talks with third parties who were interested in a "potential transaction" with the company. Sinopec spokesman, Huang Wensheng, said it is unclear whether the company is making a bid. China imports about half of its crude oil supplies and is looking to invest in overseas oil fields while the price of oil remains low. Addax has operations in West Africa and holds an exploration license in Iraq’s Kurdistan, which has begun to export oil.
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