NEW YORK ( The Deal) -- China Petrochemical Corp. (SNP - Get Report) has agreed to pay $3.1 billion for a 33% stake in Apache (APA - Get Report) Egyptian oil and gas business, reducing the Houston-based seller's exposure to the troubled country and providing further evidence of China's willingness to take on political risk to expand its oil reserves.Beijing-based China Petrochemical, known as Sinopec, will be entitled to a one-third share of Apache's daily Egyptian output of about 100,000 barrels of oil and 354 million cubic feet of natural gas. Apache will retain a 67% stake in the operation and continue in its role as the site operator.
The Deal: Sinopec Strikes $3.1B Deal With Apache in Egypt
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