Addax seeking buyer for petrol, gas trading business

7th August 2011, Comments 0 comments

Swiss commodities trader Addax & Oryx is looking to sell its petrol and gas trading and distribution business, Swiss newspaper Le Matin Dimanche reported Sunday.

The Geneva-based firm is "looking for a buyer or a partner interested in taking over and developing in the long-term the group's unique trading platform, storage and distribution of petroleum and gas in Africa," Karen Saddler, spokeswoman for group, told the newspaper.

The group posted revenues of about $7 billion (5 billion euros) in 2010 and employs 800 people in 20 countries, according to Le Matin Dimanche.

Addax in 2009 sold its petroleum exploration and production unit Addax Petroleum Corp to China's state oil giant Sinopec for over $7 billion.

© 2011 AFP

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