Sinopec Proposed Acquisition of Tanganyika Oil Ltd.

Yesterday, Oil producer Tanganyika Oil Ltd. said that the China Petroleum & Chemical Corporation (hereinafter referred to as "Sinopec") to raise 2.07 billion Canadian dollars to buy the company. The Toronto listed company's statement said the Sinopec Group to spend 31.5 Canadian dollars per share to acquire all shares of Tanganyika Oil. The total amount is up to 65.6 millions.

Tanganyika Oil said Sinopec's bid is reasonable and in line with the best interests of shareholders, recommended that shareholders accept the offer. Prior to this, there were reports that Sinopec's bid was higher than Indian Oil & Natural Gas Corp.'s Bid. However, Oil & Natural Gas Corp. did not raise the offer.

Tanganyika Oil Company Ltd. is an international oil and gas exploration and production company with interests in exploration and development properties in Syria.

Its shares are publicly traded on the Toronto Stock Exchange under the symbol "TYK" and its Swedish Depository Receipts on the OMX Nordic Exchange Stockholm under the symbol "TYKS". Corporate headquarters are in Calgary, Alberta. The Company's technical office is located in Damascus, Syria.

Originally Posted: China Business Daily
Author: Angulo Fu