Apache's $1B Egypt Gas Plans Get Political Security Boost

Law360, New York (October 10, 2012, 8:24 PM EDT) -- Apache Corp.'s multibillion-dollar investment in Egyptian gas fields got a security boost Tuesday when the Overseas Private Investment Corp. brought in a backstop for its political risk insurance policy, shoring up coverage in the wake of last year’s revolution.

The Multilateral Investment Guarantee Agency, the insurance arm of the World Bank, will swallow $150 million of the $300 million policy Apache has held with OPIC since 2005. The agreement, which runs through 2025, protects the Houston-based energy company if the Egyptian government cancels its concessions or...
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