19 September 2018

Sinopec completes Apache Egypt assets buy-in, statement says

China Petrochemical Corp. (Sinopec Group), through a subsidiary, has completed the US$3.1 billion acquisition of a 33 percent stake in US energy firm Apache Corp’s Egyptian oil and gas business, according to a statement from the Chinese oil giant Friday. The transaction, which was announced in late August, gives Sinopec its first access to Egyptian oil and gas resources. The operations will produce 130,000 barrels of oil equivalent per day during its peak production period, the statement said.

– Contact HKEJ at [email protected]



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