China's Sinopec Group agreed to buy Addax Petroleum Corp for about C$8.27 billion ($7.24 billion) in a bid to gain access to the Swiss oil and gas explorer's high potential oil blocks in West Africa and the Taq Taq field in Iraq.

The offer of C$52.80 per share from Sinopec International Petroleum Exploration and Production Corp, which was in a race with Korea National Oil Co (KNOC) for the bid, is about 16 percent higher than Addax's Tuesday closing price.

On June 17, sources told Reuters that Sinopec Group and KNOC were competing to take over Addax Petroleum, with bids valuing the company at more than C$8 billion, including debt.

The deal involves a break-up fee of C$300 million, Addax said in a statement.

($1 =1.143 Canadian dollar)

(Reporting by Amitha Rajan in Bangalore; Editing by Mike Miller)