Sinopec Pays $3.1B For Apache Egypt Oil Biz Stake

Law360, New York (August 30, 2013, 3:22 PM EDT) -- China-owned energy giant China Petroleum & Chemical Corp., better known as Sinopec, made its first foray into the Egyptian oil and gas market on Thursday, snapping up a 33 percent stake in Apache Corp.'s oil and gas business in the Mideast country's Western Desert for $3.1 billion.

For Sinopec, it's a chance for its international upstream arm, Sinopec International Petroleum Exploration and Production Corp., to expand its portfolio into new territory, while Houston-based Apache continues its 2013 selling spree in an effort to rebalance its portfolio...
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