Sinopec agreed a C$8.3bn ($7.3bn, £4.4bn) takeover of independent oil company Addax Petroleum on Wednesday, in a move that accelerates Chinese investment in Africa as well as the booming oil frontier of Iraqi Kurdistan.

Chinese state-owned Sinopec, one of the country’s biggest oil companies, will pay C$52.80 per share to acquire Addax, a Switzerland-based small oil producer active in Nigeria and Gabon, which would cancel its Toronto and London listings if the deal completes.