Sinopec to buy Addax

If I'm not mistaken, at $7.2 billion this would be the biggest upstream petroleum deal yet since the downturn... and while it's only one data point, it's hard not to read into the fact that it's a national oil company doing the buying. They have certainly been looking...

Update: Jay Yarow points out that "this is the biggest takeover of a foreign firm in China's history."

Update: Dealbook clarifies, technically China's 2nd-largest deal ever - the Alcoa/Aluminum Corporation of China JV to acquire 12% of Rio Tinto last year was bigger, at $14.3bn.