Thursday, February 16, 2012
It has been almost a year in the making but Addax & Oryx Group has narrowed the list of contenders for its African oil and trading business down to three. The three contenders are Trafigura, Vitol, and Emerging Capital Partners.
This will be the second sale of Addax & Oryx’s African assets in the past couple of years. In 2009 the group sold some of the upstream Africa assets of Addax Petroleum to Sinopec in a $7.2 billion deal. The group has been looking for a buyer or a partner in its downstream African assets since last year.
Vitol and Trafigura have been expanding in Africa over the past couple of years and the Addax Oryx assets would fit perfectly in with their current portfolios.