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The Global Resource Grab Watch Continues



June 24, 2009 – Comments (1) | RELATED TICKERS: SNP

State-owned Sinopec (SNP) is buying E&P company Addax for more than $7 billion. The company has extensive operations in -- you'll never guess -- Africa as well as in Iraq. China continues to lock up that continent's natural resources for use, presumably, in China and nowhere else.

1 Comments – Post Your Own

#1) On June 24, 2009 at 3:16 PM, chk999 (99.96) wrote:

Makes sense. They have a pile of dollars that will lose value due to inflation. They can convert them into access to resources, guard themselves against inflation and increase their national security in the process. It's what I'd do if I were them.

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