Tanganyika gets $1.8 billion Sinopec takeover offer
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  • Tanganyika Oil Co., a Canadian oil and natural gas producer with operations in Syria and Egypt, stated that China Petrochemical Corp. made a takeover offer valuing the company at $1.8 billion. An offer for C$31.50 a share in cash was made by Sinopec International Petroleum Exploration and Production Corp., a wholly owned subsidiary of China Petrochemical, Tanganyika said in a statement to the Stockholm stock exchange on September 25. The Vancouver-based company holds operating interests in two Syrian production-sharing agreements covering the Oudeh and Tishrine/Sheikh Mansour blocks1.

    Chinese state oil companies were seeking energy assets overseas to meet rising demand at home. Citic Resources Holdings Ltd., a unit of China's fourth-biggest oil producer, bought an oil field in Kazakhstan for $1 billion in June 2007.