(AXC.L) Addax Petroleum Corporation Buy/Sell

By Luke Baker

BRUSSELS, Nov 10 (Reuters) - The president of Iraq's Kurdish region criticised the central government on Tuesday for its failure to draw up a clear law on sharing oil revenues and said the Kurds would hold on to what they earn for now.
Speaking during a visit to the European Parliament, Masoud Barzani said Kurdistan had the right to retain the income from the export of about 100,000 barrels of oil per day, despite a law stating that all Iraq's oil and gas assets are shared.
"The Iraqi oil ministry has failed ... in their laws and therefore we are not obliged to adhere to the oil laws of Iraq because they have failed in producing a much more transparent situation," Barzani told a news conference.
"Eight billion dollars has been used by the Iraqi oil ministry for development of oil production but unfortunately the level of production has dropped. Therefore we have no faith in that law that already exists," he said through a translator.

Iraq's central government and semi-autonomous Kurdistan have since 2004 engaged in a long-running dispute over Iraq's vast oil and gas assets and the growing revenue generated by them. The discord threatens to aggravate the political strains that already exist between autonomy-minded Kurds and Shi'ites.
According to Iraq's constitution, all the country's hydrocarbon assets are shared and there is a formula for distributing the income among regions, with the Kurdish region granted 17 percent of total oil revenues.
But Kurdistan, which occupies the top third of Iraq along the borders with Turkey, Iran and Syria, has been quicker to exploit the oil and gas assets that lie in its territory and is reluctant to give up the revenue they generate.
Foreign investors including Norway's DNO International and Toronto-listed Addax Petroleum have helped expand the region's oil production to 100,000 barrels a day, generating potential income of $2.9 billion a year at current oil prices of nearly $80 a barrel.
Barzani said on Tuesday output could increase tenfold to more than 1 million barrels a day by the end of 2011, bringing forward a previous forecast for that level of output in 2012. But the income would not be shared, he said.
"Until the disputed areas are resolved, we feel that the share of Kurdistan of 17 percent should go to the account of Kurdistan by itself and not be distributed by the finance (ministry) in Baghdad because often they use that as a weapon against us," Barzani said. "We believe it is our right."
While the Kurdish region moved rapidly after the U.S.-led invasion in 2003 to boost oil output, the central government is catching up, signing a series of development contracts with major international oil companies in recent months.
If all the deals in the pipeline come together in the coming years, Iraq is set to triple its total oil output to 7 million barrels per day, making it the world's largest producer after Russia and Saudi Arabia.

(Editing by Anthony Barker) Keywords: OIL IRAQ/KURDS (Brussels newsroom, +32 2 287 6830; email: brussels.newsroom@thomsonreuters.com)

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BEIJING, Oct 27 (Reuters) - Outbound investments by Chinese firms rose 0.5 percent in January through September compared with a year earlier, helped by a near tripling in outflows in the third quarter alone, the Commerce Ministry said on Tuesday.
Non-financial outbound foreign direct investments amounted to $32.9 billion in the first nine months of this year, the ministry said, with $20.5 billion of that coming in the third quarter.
The July-September figure marked a 190.4 percent increase from the same period a year earlier, the ministry said.
Nearly 44 percent of the investments so far this year were in the form of acquisitions, primarily in the mining and manufacturing sectors, the ministry added.
It did not provide further details, but said a range of measures, including more clear rules on outbound investments and an official "Going Out" policy, were helping to underpin the rising tide of such flows.
Chinese companies have long sought to expand their footprints overseas, particularly in areas such as resources, but have sometimes seen those plans thwarted by political resistance in the target country.
Beijing has now started to encourage a more proactive approach, with some officials saying that firms now face good opportunities for investing overseas due to lower asset prices and a loosening of investment rules in many countries.
Major acquisitions so far this year include a deal struck in June by Sinopec, the country's largest oil refiner, to buy Swiss oil explorer Addax for $7.24 billion.
Scouring the globe for resources, Chinese firms have also stepped up their investments in Australian resources.
Overall outbound Chinese investments totalled $55.91 billion last year, an increase of 111 percent from 2007.
Of that, non-financial investments rose 75 percent to $41.86 billion, while financial investments rose roughly eight-fold to $14.05 billion.

(Reporting by Jason Subler; Editing by Victoria Main)

((jason.subler@thomsonreuters.com; +8610 6627 1215; Reuters Messaging: jason.subler.reuters.com@reuters.net)) Keywords: CHINA ECONOMY/INVESTMENT (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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By Cho Mee-young and Michael Erman

SEOUL/NEW YORK, Oct 22 (Reuters) - South Korea ended a losing streak in overseas resource deals with the C$1.8 billion ($1.7 billion) friendly takeover of Canada's Harvest Energy Trust, securing oil and gas reserves as well as a refinery that Harvest could not afford to expand.
In the latest in a series of acquisitions of Canadian assets by Asian state companies, Korea National Oil Corp will pay C$10 a trust unit for Harvest and assume C$2.3 billion of long-term debt.
The bid represented a 37 percent premium over Wednesday's price for Harvest, which produces 53,400 barrels of oil equivalent a day in Western Canada and operates the 115,000 barrel a day Come By Chance refinery in Newfoundland and Labrador on Canada's Atlantic coast.
Harvest had planned a C$2 billion expansion of that plant, but shelved it last year due to the credit crunch.
Its units have lagged those of its rivals because of its debt load, undercapitalized assets and volatile cash flow from the refinery, UBS analyst Travis Wood said.
Harvest units surged C$2.45, or 33 percent, to C$9.75 on the Toronto Stock Exchange on Thursday morning, a price that suggests investors see slim odds of a counter bid.

It is South Korea's biggest overseas energy deal, and it will bring the world's No. 5 oil importer a few steps closer to its goal of producing the equivalent of 18.1 percent of its oil and gas needs by 2012. More might be on tap.
"KNOC is likely to acquire one more oil company within this year," Kim Jung-gwan, deputy minister at the Korea Ministry of Knowledge Economy, said in a press briefing.
Seoul was late to the resource acquisition race but hopes to capitalize on the recession to pick up assets cheaply.
Analysts said the financials on the Harvest deal looked positive for KNOC on a per-barrel basis.

"Although we have to take a closer look at reserve quality and production costs, the price seems reasonable, as Canada has no political risks in developments and the market usually considers around $13 a barrel an appropriate average price for such deals," said Jae-joong Kim, an analyst at Woori Investment & Securities. "This deal shows KNOC seems quite aggressive."
Based on the total equity plus debt value of the deal and Harvest's 219.9 million barrels of proved onshore oil and gas reserves, mostly in the western province of Alberta, the deal works out to about $18 per barrel equivalent.
KNOC will raise $1.65 billion in domestic and overseas markets by additional borrowing to finance the deal, while the remainder would be paid by the company's current capital.
"We expect both buying overseas oil fields and seeking (mergers and acquisitions) will accelerate as we have secured the base in Calgary, Canada, the center of North American oil development business," the Korean government statement said.
KNOC, which will be able to produce 120,000 bpd of oil after the deal, is set to reach its capacity target of 300,000 barrels earlier than planned in 2012, industry experts said, as the company is in talks with another four to five companies.

The deal is subject to court and regulatory approvals, and the support of Harvest unitholders. Harvest's board said it will vote the 7 million units it holds in favor of the deal. Harvest has 180.6 million units outstanding, according to Reuters data.
KNOC had narrowly lost out to Chinese oil giant Sinopec in a bid for Swiss-based oil explorer Addax Petroleum Corp this summer.
The company made an earlier foray into Canada in 2006, buying an oil sands property from U.S. gold producer Newmont Mining Corp for $270 million.
In February, KNOC paid half of the $900 million price tag for a 50 percent stake in Petro-Tech, owned by private U.S. firm Offshore International Group.

($1=$1.04 Canadian)

(Additional reporting by Jeffrey Jones; editing by Jonathan Leff and Rob Wilson)

((meeyoung.cho@thomsonreuters.com; +82 2 3704 5653; Reuters Messaging: meeyoung.cho.reuters.com@reuters.net)) Keywords: KNOC HARVEST/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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BEIJING/LONDON, Oct 16 (Reuters) - China's Sinopec Group is trying to communicate with Baghdad as its qualification to participate in Iraq's second round of bidding for major oil deals is in question, a company official and media reported.
A top Iraqi official said early this month that Iraq has barred the Chinese state oil firm from new oil talks over its purchase of Swiss firm Addax that is active in Iraq's semi-autonomous Kurdistan region.
"Our people were communicating with the Iraqi side. I've heard no results so far," Huang Wensheng, Sinopec's spokesman, told Reuters on Thursday.
"We are still actively preparing for the second round of bidding. We value highly this opportunity and want to contribute to Iraq's post-war rebuild," Zhou Yuqi, head of Sinopec's overseas exploration and production unit, was quoted as saying by Caijing magazine on Friday.
Sinopec has already missed out on one big opportunity to be part of the consortium to develop the giant Zubair oilfield, which the Iraqi oil ministry awarded earlier this week to Italy's oil, gas firm ENI.

"Sinopec is not any more part of the original consortium," ENI's Chief Executive Paulo Scaroni told Reuters this week. "The government asked us to exclude them considering their involvement in kurdistan."
Zubair, one of the largest Iraqi oilfields, produces 195,000 barrels per day and expects to reach a plateau of 1.125 million bpd under a seven-year development plan that would cost some $10 billion, ENI has said.

Iraq's oil ministry had been waiting for an explanation from Sinopec about its dealings with Addax, which has been pumping oil from Kurdistan's Taq Taq field, Abudul-Mahdy al-Ameedi, deputy director of Iraq's contracts and licensing has said.
Sinopec took part in the ministry's first oil bidding round, which landed only one deal, giving BP and China's top energy group CNPC a contract to develop the giant Rumaila field.
For Sinopec to get back to the talks, it may need Beijing's involvement, said a western oil executive involved in the bidding process.
"They (Sinopec) are hoping to resolve the issue before any subsequent bid rounds," the oil executive said.
"The situation is not that bad for them. It's easier for this to be resolved through government-to-government talks than it would be if it was a company. And as things stand, the Chinese have a stake now in both the Kurdish region and the south through other companies."

(Reporting by Chen Aizhu in Beijing, Tom Bergin in London and Simon Webb in Dubai; editing by James Jukwey)

((aizhu.chen@thomsonreuters.com; Reuters Messaging: aizhu.chen.reuters.com@reuters.net; +8610 6627 1211)) Keywords: SINOPEC IRAQ/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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SEOUL, Oct 9 (Reuters) - State-run Korea National Oil Corp (KNOC) said on Friday it was eyeing five to ten oil companies overseas, each producing 50,000-100,000 barrels per day, for a possible acquisition "soon".
"We will make an acquisition soon," KNOC CEO Kang Young-won said in a parliamentary audit, without elaborating.
A KNOC statement submitted to the parliamentary audit said for such acquisition, KNOC had been in talks with management teams, conducted asset due-diligence and submitted preliminary proposals.
Kang also said KNOC and its partners would complete raising 1 trillion won ($860 million) in funds overseas by end-October, which would help ease any concerns about the financial impact of its investments.
South Korea, the world's No.5 crude oil importer, said last year it would invest 19 trillion won in KNOC to help the firm raise daily production capacity six times to 300,000 barrels by 2012.
KNOC said in the statement it was currently producing about 72,000 bpd from a total of 10 domestic and overseas oil fields.
The statement said KNOC considered this year to be the right time for acquisitions as global stock markets had weakened due to the financial crisis.
KNOC had prioritized regions in the order of Middle East, central Asia, South America, Australia and other Asian countries, Russia and Western Africa, it said.
In February, KNOC agreed to pay half of the $900 million price tag for a 50 percent stake in Petro-Tech, owned by private U.S. firm Offshore International Group, which has shallow-water offshore blocks in Peru covering more than 5 million acres.
KNOC also pursued a bid for Swiss oil explorer Addax Petroleum Corp. but was trumped by Sinopec, China's top oil refiner, which agreed to buy Addax in June for $7.24 billion.
The KNOC statement said South Korea had a total of 168 million barrels of oil stocks, equivalent to consumption for 175 days, at end-August. Of the total, which excluded 38.7 million barrels of international cooperative oil stocks, the government held 82 million barrels through KNOC, and the remainder was held by private firms.
The Korean government will buy about 19 million barrels more by 2013 to meet its target of holding 101 million barrels of oil stocks by the year, the statement said.
The government, which has facilities to stockpile a maximum of 139 million barrels of oil at nine domestic sites, plans to expand its storage capacity to 146 million barrel by 2011 under a three-step national oil reserve plan running from 1980 through 2011.

($1=1163.0 Won)

(Reporting by Cho Meeyoung; Editing by Lincoln Feast and Muralikumar Anantharaman)

((meeyoung.cho@thomsonreuters.com; +82 2 3704 5653; Reuters Messaging: meeyoung.cho.reuters.com@reuters.net)) Keywords: KNOC AUDIT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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SEOUL, Oct 9 (Reuters) - State-run Korea National Oil Corp (KNOC) said on Friday it was eyeing five to ten oil companies overseas, each producing 50,000-100,000 barrels per day, for a possible acquisition "soon".
"We will make an acquisition soon," KNOC CEO Kang Young-won said in a parliamentary audit, without elaborating.
A KNOC statement submitted to the parliamentary audit said for such acquisition, KNOC had been in talks with management teams, conducted asset due diligence and submitted preliminary proposals.
Kang also said KNOC and its partners would complete raising 1 trillion won ($860 million) in funds overseas by end-October, which would help ease any concerns about the financial impact of its investments.
South Korea, the world's No.5 crude oil importer, said last year it would invest 19 trillion won in KNOC to help the firm raise daily production capacity six times to 300,000 barrels by 2012.
KNOC said in the statement it was currently producing about 72,000 bpd from a total of 10 domestic and overseas oil fields.
The statement said KNOC considered this year the right time for acquisition as global stock markets had weakened due to the financial crisis.
The statement said KNOC had prioritised regions in the orders of Middle East, central Asia, South America, Australia and other Asian countries, Russia and Western Africa.
In February, KNOC agreed to pay half of the $900 million price tag for a 50 percent stake in Petro-Tech, owned by private U.S. firm Offshore International Group, has shallow-water offshore blocks in Peru covering more than 5 million acres.
KNOC also pursued a bid for Swiss oil explorer Addax Petroleum Corp. but was trumped by Sinopec, China's top oil refiner, which agreed to buy Addax in June for $7.24 billion.

($1=1163.0 Won)

(Reporting by Cho Meeyoung; Editing by Jonathan Hopfner and Lincoln Feast)

((meeyoung.cho@thomsonreuters.com; +82 2 3704 5653; Reuters Messaging: meeyoung.cho.reuters.com@reuters.net)) Keywords: KNOC/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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SEOUL, Oct 9 (Reuters) - State-run Korea National Oil Corp (KNOC) said on Friday it was eyeing five to ten oil companies overseas, each producing 50,000-100,000 barrels per day, for a possible acquisition "soon".
"We will make an acquisition soon," KNOC CEO Kang Young-won said in a parliamentary audit, without elaborating.
Kang also said KNOC and its partners would complete raising 1 trillion won ($859.8 million) in funds overseas by end-October, which would help ease any concerns about the financial impact of its investments.
South Korea, the world's fifth crude oil importer, said last year it would invest 19 trillion won in KNOC to help the firm raise daily production capacity six times to 300,000 barrels by 2012.
KNOC pursued a bid for Swiss oil explorer Addax Petroleum Corp. but was trumped by Sinopec, China's top oil refiner, which agreed to buy Addax in June for $7.24 billion.

($1=1163.0 Won)
(Reporting by Cho Meeyoung; Editing by Jonathan Hopfner)

((meeyoung.cho@thomsonreuters.com; +82 2 3704 5653; Reuters Messaging: meeyoung.cho.reuters.com@reuters.net)) Keywords: KNOC AUDIT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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RNS Number : 2572A Addax Petroleum Corporation 05 October 2009

REGULATORY ANNOUNCEMENT

TOTAL VOTING RIGHTS

5 October 2009 - In conformity with the FSA's Disclosure and Transparency Rules, Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") hereby announces the following:

As at 30 September 2009, the Corporation's issued share capital consists of 165,697,151 common shares of no par value. Subject to the provisions of the Canada Business Corporations Act, holders of Addax Petroleum's common shares are entitled to receive notice of, attend and vote at all meetings of the shareholders of the Corporation and, upon a ballot, are entitled to one vote for each common share held. Addax Petroleum does not hold any shares in its treasury.

The figure 165,697,151 may be used by shareholders and others with notification obligations as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Addax Petroleum under the FSA's Disclosure Rules and Transparency Rules.

For additional information, please contact:

Allison Neapole

Senior Legal Advisor

Tel: +41 (0) 22 702 9400

allison.neapole@addaxpetroleum.com

This information is provided by RNS The company news service from the London Stock Exchange

TVREALESESENFFE

RNS Number : 2571A Addax Petroleum Corporation 05 October 2009

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying Addax Petroleum

issuer of existing shares to which voting rights Corporation are attached:

2 Reason for the notification (please tick the appropriate box or boxes):
X

An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):

3. Full name of person(s) subject to Mirror Lake Oil and Gas
the notification obligation: Company Limited

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction and date 2 October 2009

on which the threshold is crossed or reached:

6. Date on which issuer notified: 5 October 2009
7. Threshold(s) that is/are crossed 100%

or reached:

8. Notified details: A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting rights
of of of shares rights
Shares Voting
Rights
Direct Direct Indirect Direct Indirect
Common Shares nil nil 165,697,151 165,697,151 100.00%

B: Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
Nominal Delta

Total (A+B+C)

Number of voting rights Percentage of voting rights
165,697,151 100.00%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information: The shares were acquired pursuant to an Offer
to Purchase for cash all of the issued and
outstanding common shares of Addax Petroleum
Corporation for CAD 52.80 for each share, made
on 9 July 2009, and by subsequent compulsory
acquisition pursuant to the provisions of the
Canada Business Corporations Act, which was
completed on 2 October 2009.
14. Contact name: Allison Neapole
Senior Legal Advisor

15. Contact telephone number: +41 22 702 9400

This information is provided by RNS The company news service from the London Stock Exchange

HOLUVSSRKWRRRAA

RNS Number : 2352A Addax Petroleum Corporation 05 October 2009

Regulatory Announcement

Addax Petroleum Corporation

(the "Corporation")

5 October 2009 - The Corporation announces that it has completed the delisting of its common shares of no par value (the "Common Shares") from the main market of the London Stock Exchange effective today. The Corporation's intention to cancel its secondary listing of its Common Shares was announced on 4 September 2009.

The Corporation further announces that it has completed the delisting of its U.S.$300,000,000 3.75 per cent convertible bonds due 31 May 2012 (the "Bonds") from the Professional Securities Market of the London Stock Exchange effective today.

The delisting of the Corporation's Common Shares and Bonds has been made following the acquisition of 100 per cent of the issued and outstanding Common Shares of the Corporation by Mirror Lake Oil and Gas Company Limited pursuant to its Offer to Purchase for cash, which was made on 9 July 2009, and the subsequent compulsory acquisition pursuant to the provisions of the Canada Business Corporations Act, which was completed on 2 October 2009, as well as the conversion or redemption of all of the Bonds, pursuant to the Notice to Bondholders issued on 17 August 2009.

For further information:

Allison Neapole, Senior Legal Advisor

+41 22 702 9400

This information is provided by RNS The company news service from the London Stock Exchange

MSCUUGUGUUPBGGA

RNS Number : 1562A Official List 05 October 2009

NOTICE OF CANCELLATION OF LISTING FROM THE OFFICIAL LIST

5/10/2009 8:00am

CANCELLATION

Addax Petroleum Corporation *

The Financial Services Authority ("the FSA") cancels the securities set out below from the Official List effective from 5/10/2009 8:00am at the request of the company:

Common Shares of No Par Value (CA00652V1022)
fully paid

3.75% Convertible Bonds due 31/05/2012 (XS0300957585)
fully paid

(Registered in denominations of USD200,000 each and
integral multiples thereof)

This notice has been issued by Listing Applications - 0207 066 8333 Option 3.

Notes

By Missy Ryan

BAGHDAD, Oct 1 (Reuters) - Iraq has barred China's Sinopec Corp. from taking part in a second round of bidding for major oil deals over its purchase of a Swiss oil firm active in Iraq's Kurdistan region, a top official said on Thursday.
Iraq's Oil Ministry, which deems deals the largely autonomous Kurdish region signs with foreign oil firms illegal, had already threatened to blacklist Sinopec, China's biggest oil refiner, for acquiring Addax Petroleum Corp..
The ministry has been awaiting an explanation from Sinopec about its dealings with Addax, which has been pumping oil from Kurdistan's Taq Taq field.

"The Oil Ministry has not gotten a positive answer from Sinopec and so it is considered unqualified to participate in the second bidding round," said Abdul-Mahdy al-Ameedi, deputy director of Iraq's contracts and licensing directorate.
"We consider it unqualified until it reconsiders its position (on Addax) and withdraws from the contract."
In June, news broke that Sinopec had agreed to pay $7.24 billion for Addax, giving the Chinese firm fields with high potential in regions like west Africa and Iraqi Kurdistan.
The acquisition reflects China's eagerness to jump into the rich but risky energy sector in Iraq, which boasts the world's third largest proven oil reserves.
Addax was poised to profit in June when the Kurdish government feted the launch of the northern region's first oil exports. That included crude from Taq Taq, where Addax is working alongside Turkish firm Genel Enerji.
In July, field officials said Taq Taq was producing between 20,000 to 40,000 barrels per day.
Ashti Hawrami, the Kurdish energy minister, said he believes the field could someday produce up to 250,000 bpd.

Overshadowing Addax's operations are lingering questions about how Kurdistan will pay foreign firms for exports. The central government is steadfast in its refusal to give Kurds export revenues beyond the region's 17 percent budget share.
Baghdad's tussle with Kurdistan over the right to sign oil deals is just one facet of the entrenched Kurd-Arab dispute, now seen as the leading threat to Iraq's nascent stability.
Sinopec took part in the Oil Ministry's first oil bidding round, which culminated in an auction in Baghdad in June that produced just one deal, giving BP and China's CNPC a contract to develop the giant Rumaila field.
The auction revealed a large gap between what foreign firms wanted to get for developing Iraqi fields and what the government was willing to pay.
Sinopec was part of a consortium, also including Royal Dutch Shell, that bid in the auction for northern Iraq's Kirkuk oilfield, a major producer for Iraq today. It also was part of a group that bid for 4-billion-barrel Zubair oilfield.
No deal was ultimately made for either.
The ministry's decision pulls Sinopec from the list of dozens of companies qualified to compete in the second auction in December. Ten major oilfields will be on the bidding block.
Ameedi said the company will not be present at the ministry's bidding round workshop scheduled to take place later this month in Istanbul. Keywords: IRAQ/OIL SINOPEC

(missy.ryan@thomsonreuters.com; +964 7901 917024; Reuters Messaging: missy.ryan.reuters.com@reuters.com)

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By Missy Ryan

BAGHDAD, Oct 1 (Reuters) - Iraq has barred China's Sinopec Corp. from taking part in a second round of bidding for major oil deals over its purchase of a Swiss oil firm active in Iraq's Kurdistan region, a top official said on Thursday.
Iraq's Oil Ministry, which deems deals signed independently by Kurdistan and foreign oil firms as illegal, had already threatened to blacklist Sinopec, China's biggest oil refiner, for acquiring Addax Petroleum Corp..

"The Oil Ministry has not gotten a positive answer from Sinopec and so it is considered unqualified to participate in the second bidding round," said Abdul-Mahdy al-Ameedi, deputy director of Iraq's contracts and licensing directorate.
"We consider it unqualified until it reconsiders its position (on Addax) and withdraws from the contract."
In June, news broke that Sinopec had agreed to pay $7.24 billion for Addax, bringing it high-potential fields in places like the largely autonomous Kurdish enclave in northern Iraq.
Baghdad's tussle with Kurdistan over the right to sign oil deals is just one facet of several long-running Kurd-Arab disputes now seen as the leading threat to Iraq's nascent calm after over six years of war.
Sinopec took part in the Oil Ministry's first oil bidding round, which culminated in an auction in Baghdad in June that produced just one deal, giving BP and China's CNPC a contract to develop the giant Rumaila field.
Sinopec was one of dozens of companies qualified to compete in the second auction in December, when the ministry will put 10 major oilfields on the bidding block.
Ameedi said the company will not be present at the ministry's bidding round workshop scheduled to take place later this month in Istanbul.

(Editing by James Jukwey) Keywords: IRAQ/OIL SINOPEC (missy.ryan@thomsonreuters.com; +964 7901 917024; Reuters Messaging: missy.ryan.reuters.com@reuters.com)

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BAGHDAD, Oct 1 (Reuters) - Iraq has barred China's Sinopec Corp. from taking part in a second bidding round for major oil deals over its purchase of a Swiss oil firm active in Iraq's Kurdistan region, a top official said on Thursday.
Last month the ministry said it might blacklist Sinopec if it confirmed the purchase of Addax Petroleum Corp. because of its activities in the northern Kurdish region, which is locked in a feud with the central government in Baghdad over who has the authority to sign energy deals with foreign firms.

"The Oil Ministry has not gotten a positive answer from Sinopec and so it is considered unqualified to participate in the second bidding round ... We consider it unqualified until it reconsiders its position (on Addax) and withdraws from the contract," said Abdul-Mahdy al-Ameedi, deputy director of Iraq's contracts and licensing directorate.
Ammedi said the company will not be present at the ministry's bidding round workshop scheduled to take place later this month in Istanbul.

(Reporting by Missy Ryan) Keywords: IRAQ/OIL SINOPEC (missy.ryan@thomsonreuters.com; +964 7901 917024; Reuters Messaging: missy.ryan.reuters.com@reuters.com)

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BEIJING, Sept 29 (Reuters) - State-owned oil firm China National Offshore Oil Corporation (CNOOC) was reported to be in talks with the oil-rich African nation of Nigeria to buy large stakes in some of the richest oil blocks in world.
Here are some of the assets Chinese oil firms have bought or are trying to purchase, and deals reached in Africa in recent years.
August 2009 -- CNOOC confirmed it was bidding for Kosmos Energy's stakes in the Jubilee oilfield offshore Ghana, which could be worth between $3 billion to $5 billion.
July 2009 -- CNOOC and Sinopec Group, parent of Sinopec Corp , agreed to purchase a stake in an oil block offshore Angola from Marathon Oil for $1.3 billion.
June 2009 -- Sinopec Group bought Swiss oil explorer Addax Petroleum Corp for $7.24 billion, gaining access to high-potential oil blocks in West Africa and Iraq.
June 2008 -- Top Chinese oil and gas firm CNPC struck a $5 billion deal with Niger's government to pump oil from the Agadem block within three years, and lay a 2,000-kilometre pipeline to export it. CNPC also said it would build a 20,000 barrels per day oil refinery, Niger's first.
June 2006 -- Sinopec Group acquired some offshore blocks in Angola for about $1 billion.
April 2006 -- CNOOC bought a stake in a Nigerian deepwater oil field for $2.7 billion.
July 2005 -- China and Nigeria signed an $800 million crude oil sale deal between Petrochina International and the Nigerian National Petroleum Corporation (NNPC) to supply 30,000 barrels of crude oil per day to China.
December 2004 -- Sinopec and the Nigeria Petroleum Development Company agree to drill for oil in the Niger delta.
October 2004 -- Sinopec secured a 50 percent interest -- shared with state firm Sonangol -- in Angola's Block 18.
July 2004 -- Algeria grants three exploration blocks to China's top two oil groups CNPC and Sinopec in licensing round.
Jan/Feb 2004 -- Total Gabon signed a contract with China's Sinopec to sell Gabonese crude oil to China.
Before 2004 -- CNPC had a 40 percent interest in Sudan's 300,000 bpd Unity fields in the south. It also had a large share in the Melut Basin fields.

(Reporting by Jim Bai and Chen Aizhu; Editing by Clarence Fernandez)

((Email: jim.bai@thomsonreuters.com; Reuters Messaging: jim.bai.reuters.com@reuters.net; + 86 10 6627 1271)) Keywords: CHINA AFRICA/OIL (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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SEOUL, Sept 24 (Reuters) - State-run Korea National Oil Corp (KNOC) said on Thursday it had agreed with two subsidiaries of Sinopec Group, China's largest oil refiner, on a strategic alliance in oil exploration, production and trading.
KNOC signed a memorandum of understanding (MOU) with Sinopec International Petroleum Exploration and Production Corp to cooperate in overseas oil exploration, a KNOC statement said.
It also signed an MOU to work with China International United Petroleum and Chemical Co Ltd (Unipec) in crude oil storage, trading and marketing, while the two firms would expand their work force exchange and training programmes.
Earlier this year, Sinopec bought Swiss oil explorer Addax Petroleum Corp for $7.24 billion in China's biggest overseas acquisition, after it had a behind-the-scenes bidding war with KNOC.

(Reporting by Cho Meeyoung; Editing by Jacqueline Wong)

((meeyoung.cho@thomsonreuters.com; +82 2 3704 5653; Reuters Messaging: meeyoung.cho.reuters.com@reuters.net)) Keywords: KNOC SINOPEC/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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By Nick Tattersall

LAGOS, Sept 16 (Reuters) - Nigeria's main militant group extended a two-month-old ceasefire in the oil-producing Niger Delta by 30 days on Wednesday but said key issues in a government amnesty programme remained in dispute.
The Movement for the Emancipation of the Niger Delta (MEND) said it would allow more time for talks but threatened renewed attacks on the oil industry if substantive negotiations were not held. The truce had been due to end at midnight on Tuesday.
"(We do) not recognise an amnesty that has not made any provision for meaningful dialogue on the root issues that gave birth to the Niger Delta unrest," MEND said in a statement.
"The government should use this extension of time to do the right thing instead of pretending to talk peace while arming the military for a war it cannot win," the statement said.
MEND, responsible for attacks that have wrought havoc on Africa's biggest energy industry over the last three years, declared a 60-day ceasefire on July 15 to allow for peace talks after the release of its leader Henry Okah.
President Umaru Yar'Adua has offered an unconditional pardon to militants who give up arms by Oct. 4, the most serious attempt yet to resolve years of unrest which has prevented Nigeria from pumping above two-thirds of its oil capacity.
MEND commanders Ateke Tom and Government Tompolo have urged the government to push back its October amnesty deadline by three months to allow for dialogue on demands including a partial military withdrawal.
A presidential aide said Yar'Adua would not provide more time and militants must take the amnesty offer as it stands.
"The government made it clear that the amnesty offer must be accepted without any condition, the government is not going back on that stand," the aide told Reuters, asking not to be named.
"Let us get to Oct. 4 and you will see what will happen after then. They (militants) can be saying anything they like, but it will be in their interest to work along with the amnesty programme as it is now," he said.

Security experts say that if successful, the amnesty could stop attacks the oil infrastructure but it is unlikely to stem the broader criminality which also affects the industry.
Gunmen in speedboats attacked a trawler near a floating production storage facility operated by Addax Petroleum off Akwa Ibom state on Tuesday before being repelled by an Addax security vessel, a private security contractor said.
A Nigerian presidential aide told Reuters on Tuesday 6,000 militants had already taken part in the amnesty programme and said he was confident Tompolo and Ateke Tom would also lay down their weapons.
Timi Alaibe, presidential adviser on the Niger Delta, met the two militant leaders on Sunday and said talks were fruitful.
"Tompolo and Ateke Tom have indicated they were 100 percent for the amnesty programme. That they wholly accept amnesty, but they have also made some requests to the president," he said.
Others who attended the meeting were less optimistic, saying talks were deadlocked with the militants refusing to disarm until their main demands were discussed and the government unwilling to negotiate until weapons were surrendered.
Success could mean factions led by Ateke Tom, Farah Dagogo and Tompolo persuading the thousands of men they command to lay down their weapons.
Failure could give the military the green light to take a tougher approach, radicalising militants into feeling they have nothing more to lose and provoking a new wave of violence which could further disrupt output, security analysts say.
MEND said the oil and gas industry would bear the brunt of renewed hostilities.
One of the rebels' main demands is the withdrawal of the joint military taskforce (JTF) from much of the delta. But the army says it will only leave once law and order is established.
"Operationally, the JTF is here in the Niger Delta and we will continue to remain whether or not there is a threat by MEND," military spokesman Lt. Colonel Timothy Antigha said.

(For more Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com/ )

(Additional reporting by Felix Onuah in Abuja and Austin Ekeinde in Port Harcourt; Editing by Randy Fabi) Keywords: NIGERIA DELTA/ (Reuters messaging: nicholas.tattersall.reuters.com@reuters.net, Lagos Newsroom +234 1 463 0257)

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By Nick Tattersall

LAGOS, Sept 16 (Reuters) - Nigeria's main militant group said on Wednesday it was extending a two-month-old ceasefire in the oil-producing Niger Delta by 30 days but warned the government an amnesty programme had not yet tackled key issues.
The Movement for the Emancipation of the Niger Delta (MEND) said it would allow more time for talks but threatened renewed strikes on the oil industry if substantive negotiations were not held. The truce had been due to end at midnight on Tuesday.
"(We do) not recognise an amnesty that has not made any provision for meaningful dialogue on the root issues that gave birth to the Niger Delta unrest," MEND said in a statement.
"The government should use this extension of time to do the right thing instead of pretending to talk peace while arming the military for a war it cannot win," the emailed statement said.
MEND, responsible for attacks that have wrought havoc on Africa's biggest energy industry over the last three years, declared a 60-day ceasefire on July 15 to allow for peace talks after the release of its leader Henry Okah.
President Umaru Yar'Adua has offered an unconditional pardon to militants who give up arms by Oct. 4, the most serious attempt yet to resolve years of unrest which has prevented Nigeria from pumping above two-thirds of its oil capacity.
On Sunday, a government delegation urged key rebel leaders with links to MEND to convince the militant coalition to extend the ceasefire for at least another month to allow the amnesty programme and peace talks to continue.
Okah agreed in July to accept amnesty after gun-running and treason charges against him were dropped and he was freed.
Ateke Tom and Government Tompolo, core commanders of MEND, have urged the government to push back its October amnesty deadline by three months to allow for dialogue on a series of demands including a military withdrawal from much of the region.
The government has said the amnesty must be accepted without conditions and that its deadline will not be extended.

Security experts say that if successful, the amnesty could stop well-planned attacks on key parts of Nigerian oil infrastructure, but it is unlikely to stem the broader criminality which also affects the industry.
Gunmen in speedboats attacked a fishing trawler near a floating production storage facility operated by Addax Petroleum off Akwa Ibom state on Tuesday before being repelled by an Addax security vessel, a private security contractor said.
A Nigerian presidential aide told Reuters on Tuesday 6,000 militants had taken part in the amnesty programme and said he was confident Tompolo and Ateke Tom would also lay down their weapons.
Timi Alaibe, presidential adviser on the Niger Delta, met the two militant leaders on Sunday and said he had held "very fruitful" discussions.
"Tompolo and Ateke Tom have indicated they were 100 percent for the amnesty programme. That they wholly accept amnesty, but they have also made some requests to the president," he said.
Others who attended the meeting were less optimistic, saying talks were deadlocked with the militants refusing to disarm until their main demands were discussed and the government unwilling to negotiate until weapons were surrendered.
Success could mean factions led by Ateke Tom, Farah Dagogo and Tompolo -- the leaders of the two main militant groups in the eastern delta and the biggest in the west -- persuading the thousands of men they command to lay down their weapons.
Failure could give the military the green light to take a tougher approach, radicalising militants into feeling they have nothing more to lose and provoking a new wave of violence which could further disrupt output, security analysts say.
"The oil and gas industry, who will bear the brunt of renewed hostilities, should not be deceived by the amnesty charade or the recent military hardware purchases as this is only leading to another cycle of violence," MEND said.
Alaibe said he believed the army would return to barracks once militants began surrendering their weapons and rebel camps were abandoned. He said he was not aware of any military option being discussed should the amnesty fail.

(For more Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com/ )

(Additional reporting by Randy Fabi in Abuja; Editing by Janet Lawrence) Keywords: NIGERIA DELTA/ (Reuters messaging: nicholas.tattersall.reuters.com@reuters.net, Lagos Newsroom +234 1 463 0257)

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By Jim Bai and Chen Aizhu

BEIJING, Sept 9 (Reuters) - China National Petroleum Corp (CNPC), parent of Asia's largest oil and gas producer PetroChina , said it secured a $30 billion state loan to fund overseas expansion, as Beijing seeks to secure resources for the world's fastest-growing major economy.
The Chinese government, sitting on more than $2 trillion in foreign exchange reserves, has this year stepped up its backing of state companies scouring the globe for assets and raw material supplies from Australia to Africa and South America to Russia.
CNPC said it entered a 5-year loan deal at a favourable interest rate, with China Development Bank, the policy lender behind most of the $46 billion loan-for-oil pacts this year.
The $30 billion CNPC loan is the latest evidence of the world's No.2 oil user and top commodity consumer capitalising on the global downturn.
"Government support has picked up strongly this year, to energy companies and the mining sector. One obvious reason is to diversify the risks of foreign exchange reserves," said a veteran Beijing-based energy analyst, who declined to be named due to company policy.

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"The strategic alliance ... carries significant implications in expediting the execution of CNPC's going-global strategy, and in boosting the country's energy security," Jiang Jiemin, general manager of CNPC and chairman of PetroChina, was quoted as saying on the CNPC website (www.cnpc.com.cn). CDB was also behind state aluminium producer Chinalco's ultimately unsuccessful $19.5 billion investment in Anglo-Australian minter Rio Tinto.
CNPC did not elaborate on the interest rate for the loan, nor did it specify any project that might be financed with the loans.
China's state oil majors - including CNPC, Sinopec and CNOOC Ltd - have been actively looking for overseas assets for months.
CNPC, already operating the largest overseas oil and gas assets versus its domestic peers, is in talks to buy 75 percent of Spanish oil major Repsol's Argentine unit YPF, which could cost $14.5 billion in what would be China's largest ever oil acquisition.
Its listed vehicle, PetroChina, has recently also ventured into oil refining outside China, with a $1 billion deal to buy nearly half of Singapore Petroleum Corp. It is also looking at refineries in Europe and the United States.
Sinopec Group said in June it was buying Swiss oil firm Addax Petroleum Corp for $7.24 billion. Addax owns oil assets in West Africa and Iraq.
CNOOC's parent confirmed last month it was bidding for Kosmos Energy's stakes in the Jubilee oilfield offshore Ghana.
The $30 billion loan will provide CNPC with fresh ammunition for future expansion after it scored most of the $46 billion loan-for-oil deals this year with oil exporters including Russia, Venezuela, Brazil, Kazakhstan and Angola.

(Editing by Ian Geoghegan)

((Email: jim.bai@thomsonreuters.com; Reuters Messaging: jim.bai.reuters.com@reuters.net; + 86 10 6627 1271)) Keywords: CNPC/ . Keywords: CNPC/

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By Jim Bai and Chen Aizhu

BEIJING, Sept 9 (Reuters) - China National Petroleum Corp (CNPC), parent of Asia's largest oil and gas producer PetroChina , said it secured a $30 billion state loan to fund overseas expansion, as Beijing seeks to secure resources for the world's fastest-growing major economy.
The Chinese government, sitting on more than $2 trillion in foreign exchange reserves, has this year stepped up its backing of state companies scouring the globe for assets and raw material supplies from Australia to Africa and South America to Russia.
CNPC said it entered a 5-year loan deal at a favourable interest rate, with China Development Bank, the policy lender behind most of the $46 billion loan-for-oil pacts this year.
The $30 billion CNPC loan is the latest evidence of the world's No.2 oil user and top commodity consumer capitalising on the global downturn.
"Government support has picked up strongly this year, to energy companies and the mining sector. One obvious reason is to diversify the risks of foreign exchange reserves," said a veteran Beijing-based energy analyst, who declined to be named due to company policy.

For a related FACTBOX, click
For a related TIMELINE, click

"The strategic alliance ... carries significant implications in expediting the execution of CNPC's going-global strategy, and in boosting the country's energy security," Jiang Jiemin, general manager of CNPC and chairman of PetroChina, was quoted as saying on the CNPC website (www.cnpc.com.cn). CDB was also behind state aluminium producer Chinalco's ultimately unsuccessful $19.5 billion investment in Anglo-Australian minter Rio Tinto.
CNPC did not elaborate on the interest rate for the loan, nor did it specify any project that might be financed with the loans.
China's state oil majors - including CNPC, Sinopec and CNOOC Ltd - have been actively looking for overseas assets for months.
CNPC, already operating the largest overseas oil and gas assets versus its domestic peers, is in talks to buy 75 percent of Spanish oil major Repsol's Argentine unit YPF, which could cost $14.5 billion in what would be China's largest ever oil acquisition.
Its listed vehicle, PetroChina, has recently also ventured into oil refining outside China, with a $1 billion deal to buy nearly half of Singapore Petroleum Corp. It is also looking at refineries in Europe and the United States.
Sinopec Group said in June it was buying Swiss oil firm Addax Petroleum Corp for $7.24 billion. Addax owns oil assets in West Africa and Iraq.
CNOOC's parent confirmed last month it was bidding for Kosmos Energy's stakes in the Jubilee oilfield offshore Ghana.
The $30 billion loan will provide CNPC with fresh ammunition for future expansion after it scored most of the $46 billion loan-for-oil deals this year with oil exporters including Russia, Venezuela, Brazil, Kazakhstan and Angola.

(Editing by Ian Geoghegan)

((Email: jim.bai@thomsonreuters.com; Reuters Messaging: jim.bai.reuters.com@reuters.net; + 86 10 6627 1271)) Keywords: CNPC/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.