Aug 29 Apache Corp said it would sell a
33 percent stake in its Egypt oil and gas business for $3.1
billion in cash to a unit of China Petrochemical Corp, scaling
back its operations in the country amid the recent political
The deal with the unit, Sinopec International Petroleum
Exploration and Production Corp, is subject to regulatory
approvals and is expected to close during the fourth quarter,
Texas-based Apache said in a statement.
Egypt is enduring the worst internal strife in its modern
history, triggered by the army's July 3 overthrow of President
Apache had said previously that it was assessing the value
of its Egyptian interests, which account for roughly a fifth of
its global oil and gas production and 27 percent of its revenue
Last month Apache also sold its Gulf of Mexico shelf assets
for $3.75 billion to private equity firm Riverstone Holdings LLC
in order to focus on growth from its U.S. onshore assets.