REFILE-UPDATE 4-China's Sinopec to buy Addax for C$8.27 bln

(Refiles to fix spelling of name in paragraph 8 to Dan Barclay from Don)

* Offer of C$52.80 per share

* Deal gives Sinopec access to West Africa, Iraq fields

* Kurdish assets bring political risks

* Addax shares jump 7.3 pct to C$48.96 in Toronto (Recasts to adds comments, details, closing share price; changes dateline from London)

CALGARY, Alberta, June 24 (Reuters) - Sinopec Group launched China's biggest-ever foreign oil acquisition on Wednesday, agreeing to buy Addax Petroleum Corp (AXC.TO) for about C$8.27 billion ($7.24 billion) to secure the Swiss oil explorer's high-potential oil blocks in West Africa and Iraq.

The offer of C$52.80 a share from Sinopec International Petroleum Exploration and Production Corp -- coming after a behind-the-scenes bidding war with Korea National Oil Co -- is a 16 percent premium to Addax's closing share price on Tuesday and more than four times the stock's November low of C$12.13.

The offer price was fair given prevailing oil prices and the project risks, analyst Gordon Kwan at Mirae Asset said. "The Addax buy, if completed, is China's single largest oil acquisition in terms of deal value," he said.

Addax shares rose C$3.31, or 7.3 percent, to C$48.96 on Wednesday on the Toronto Stock Exchange.