China Petrochemical Corp., Asia’s largest refiner, agreed to pay $3.1 billion for a 33 percent stake in Apache Corp. (APA)’s Egyptian oil and gas business, marking the state-owned company’s biggest purchase in the Middle East.
Buying the stake in the operations located in the Western Desert, away from the centers of political unrest in Egypt, will increase the company’s annual production by about 9 percent, according to Bloomberg calculations. The deal, which coincides with a potential move by PetroChina Co. (857) into Iraq, signals China’s increasing investment in the region as it secures energy investments.
Read Full Article HERE
Mark Chediak, James Paton and Aibing Guo, Bloomberg via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/P8_r70leTio/
No comments:
Post a Comment