Business
Oil Firm Confirms Planned Closure Of Three Offices
The Addax Petroleum Company has confirmed the proposed closure of its corporate offices in Geneva, Aberdeen and Houston in the United States of America.
The Public Relations Officer, Geneva, Switzerland branch of the company, Mr Douglas Chene-Bougeries, made this known in a statement made available to newsmen in Lagos.
Chene-Bougeries said that the Chinese-owned oil firm, a subsidiary of Sinopec International Petroleum Exploration and Petroleum Corporation (SIPC), was streamlining its business management model.
According to him, this is directly in response to the continued downturn in the oil and gas industry caused by low oil prices.
“SIPC is the shareholder in Addax Petroleum and this rationalisation is designed to reduce management duplication, improve efficiency and secure long-term business sustainability.
“This will see Addax Petroleum’s Geneva office integrated with SIPC’s Headquarters in Beijing and the Geneva office to be closed by the end of this year.
“Addax Petroleum’s corporate offices in Aberdeen, UK and Houston, U.S will also be closed.
“As part of the integration process, SIPC will establish an Addax Technical Centre in Beijing that will provide technical services to Addax Petroleum and SIPC operating companies,’’ he said.
Chene-Bougeries said that in view of the closure of Addax Petroleum’s corporate offices in Geneva, Aberdeen and Houston, Addax Petroleum’s operating companies and joint ventures would start reporting directly to SIPC Headquarters.
“As from August 9, 2017, and during the entire month of August, Addax Petroleum will conduct a consultation process to engage with its 174 affected staff in Geneva.
“Through this process, Addax Petroleum will seek to mitigate the impact of these organisational change on its staff and provide them with the necessary support,’’ he said.
The Tide source reports that Addax was bought by China’s state-owned Sinopec, Asia’s largest oil refiner in 2009.
On March 24, the company’s Chief Executive Officer, in its Geneva Office, Zhang Yi, and the Legal Director were arrested and charged with alleged millions of dollars payments to an unnamed company and some lawyers in Nigeria.
On June 6, Addax Petroleum Ltd. reached an agreement to pay a 31 million Swiss francs (about N11.5 billion) fine in Geneva, Switzerland to settle the bribery charges against some officials in Nigeria.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
