China oil giant buys into strife-beset Egypt for US$3.1 billion
AFPSHANGHAI -- Chinese oil giant Sinopec is entering Egypt despite the country's political strife, announcing Friday it is buying a US$3.1 billion stake in an existing operation as China scours the globe for energy reserves.
August 31, 2013, 12:03 am TWN
State-owned Sinopec will buy a one-third share in the Egyptian oil and natural gas business of U.S. firm Apache Corp., the companies said.
The deal, which is still subject to regulatory approval, marks Sinopec's first entry into exploration and production for oil and gas in Egypt, Sinopec said.
It is the latest major Chinese resources acquisition abroad and comes after CNOOC, another Chinese state-owned energy giant, bought Canada's Nexen in a US$15 billion deal last year despite political opposition.
The move comes despite chaos in Egypt as supporters of the country's deposed president Mohammed Morsi clash with the new government installed after the military overthrew him last month.