Written on February 21st, 2012
Swiss-based energy group Addax & Oryx Group said on Monday it had entered exclusive negotiations with U.S. private equity firm Emerging Capital Partners (ECP) for the possible sale of its African downstream operations. The assets are valued at between $250 million to $500 million.
In 2009, China's Sinopec Group bought the upstream African assets of Addax Petroleum in a $7.2 billion deal, but the trading and downstream assets were not part of the deal.
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