Sinopec acquires US$3.1b of assets in Egypt

By Richard Fu | August 30, 2013, Friday |

Online Edition

Sinopec Group has made its first foray into Egypt’s energy market by purchasing US$3.1 billion of assets owned by a US company in the troubled country.

Sinopec, formally China Petrochemical Corp, agreed to pay US$3.1 billion in cash for a 33 percent stake in Apache Corp’s oil and gas business in Egypt, Apache said in a statement.

The two companies also agreed to form a strategic partnership to pursue joint upstream oil and gas projects, with the Egyptian deal the first step in the effort.

“Their (Sinopec) technical expertise complements our 20 years of experience operating in Egypt and creates an alliance that will continue to explore and deliver the tremendous hydrocarbon resources in the Western Desert,” G. Steven Farris, chairman and CEO of Apache, said in a statement.

Sinopec said its output will increase by up to 130,000 barrels of oil equivalent per day, or 6.5 million tons per year, with the purchase. Sinopec aims to raise its overseas production to 50 million tons per year by 2015.

The deal is subject to customary governmental approvals and is expected to close during the fourth quarter, Houston-based Apache said.

Energy

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Sinopec acquires US$3.1b of assets in Egypt

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