中石化收购Addax 中国最大海外收购案
国再度出手满足对自然资源的渴求：国有的中石化集团(Sinopec Group)同意以82.7亿加元（71.9亿美元）收购石油勘探公司Addax Petroleum Corp，这可能也是中国企业进行的最大一宗海外收购。
这项交易增加了中石化在西非沿海这个全球最火热的石油勘探地区之一的业务机会，同时也可进入石油资源丰富但在政治上高度敏感的伊拉克库尔德斯坦地区。
但在过去一年里，中央政府认为，全球金融危机带来了难得的并购机会，因此鼓励中国国有企业进行海外收购。它们利用资产价格下跌和易于获得国内信贷的优势在全球各地达成交易，以获得中国经济发展所急需的资源。
这项收购还表明中国能源公司的信心正在增强。过去它们一直更倾向于达成政府间的协议和贷款换石油的做法。在过去半年里，中国向俄罗斯、巴西、委内瑞拉和哈萨克斯坦提供了450多亿美元贷款，以换取长期石油供应。
但诸如收购Addax这样的交易显示出它们正在逐步发展为国际化的石油公司，能够以更加公开的方式达成高规格的跨境交易。它们甚至还扩张到了西方石油公司认为风险过大的叙利亚等国。
但中国的努力并不是都取得了成功。6月初，英澳矿业巨头力拓(Rio Tinto Ltd.)拒绝了中铝公司(Aluminum Corp. of China)以195亿美元收购其部分股份的方案，主要是因为市场的复苏让这项交易在财务上不再有利。这一交易还面临着经济上、政治上和股东的各种反对意见，反映出澳大利亚等地对中国直接获得巨大自然资源供应的后果仍心存恐慌。
收购Addax的交易也标志着国际石油巨头首次进入伊拉克北部的库尔德自治区。巴格达当局指责库尔德地方政府与Addax等外国石油公司签署了大约30份石油合同属于非法。由于担心得罪伊拉克政府，英国石油公司(BP PLC)和埃克森美孚(Exxon Mobil Corp.)等西方石油巨头都对库尔德斯坦地区敬而远之。
不过中石化进入这一地区表明风向可能正在发生变化。今年初，伊拉克石油部长沙赫雷斯塔尼(Hussain al-Shahristani)批准外国石油公司可以开发库尔德地区的油田，并将原油直接出口到国际市场。Addax在库尔德斯坦地区经营着Taq Taq油田，它是这项政策改变的主要受益者，自本月初开始通过伊拉克与土耳其之间的管道向外运送Taq Taq油田的石油。
不过，还不清楚外国石油公司将如何从出口石油中赚钱，大部分销售收入将进入伊拉克政府的腰包。
China's Oil Hunt Proceeds
China again sought to satisfy its hunger for natural resources, as state-owned Sinopec Group agreed to acquire oil-exploration company Addax Petroleum Corp. for 8.27 billion Canadian dollars (US$7.19 billion) in what would mark the largest overseas takeover by a Chinese company.
The deal increases Sinopec's presence in one of the world's hottest oil-exploration frontiers -- offshore West Africa -- and establishes the company in oil-rich but politically sensitive Iraqi Kurdistan.
But in the past year, Chinese state-owned companies have been encouraged to make acquisitions by a central government convinced that the global financial crisis has created an unmatched buying opportunity. They are taking advantage of depressed asset prices and access to Chinese credit to strike deals across the globe designed to secure the resources needed to power China's growing economy.
The purchase also demonstrates growing confidence among Chinese energy companies. In the past, they have preferred to strike government-to-government deals and offer loans for oil. Over the past half-year, China has proffered more than $45 billion in loans to Russia, Brazil, Venezuela and Kazakhstan in exchange for long-term supplies of crude.
But deals like the Addax acquisition show they are gradually growing into international oil companies, capable of striking high-profile, cross-border deals in a more public manner. They are even expanding into countries, such as Syria, deemed too risky by Western oil companies.
But not all of China's efforts have been successful. In early June, Anglo-Australian mining giant Rio Tinto Ltd. rejected Aluminum Corp. of China's $19.5 billion offer for part of the company after recovering markets made the deal financially unpalatable. That deal also faced a mix of economic, political and shareholder opposition, reflecting fears in places like Australia over the consequences of giving China direct access to big supplies of natural resources.
The Addax deal also marks the first time a global oil giant has ventured into the Kurdish autonomous region of northern Iraq. Authorities in Baghdad have denounced as illegal the roughly 30 oil contracts negotiated between the Kurdish regional government and foreign energy companies like Addax. Western oil majors, like BP PLC and Exxon Mobil Corp., have steered clear of Kurdistan for fear of antagonizing the Iraqi government.
Yet Sinopec's foray into the region suggests the tide might be turning. Earlier this year, Iraqi Oil Minister Hussain al-Shahristani gave approval for foreign companies developing oil fields in the Kurdish region to export their crude directly to international markets. Addax, which operates the Taq Taq field in Kurdistan, was a key beneficiary of the change and has been shipping Taq Taq oil via the main Iraqi-Turkish pipeline since the start of this month.
Still unclear, however, is how foreign companies will be compensated for the oil they export, with most sales revenues being channeled to Baghdad.
