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Apache sells Egyptian share to Sinopec

Aug. 30, 2013 at 6:29 AM   |   Comments

HOUSTON, Aug. 30 (UPI) -- U.S. energy company Apache Corp. announced it sold a share of its Egyptian portfolio to China Petroleum Corp. for $3.1 billion in cash.

Apache said it sold China Petroleum Corp., known also as Sinopec, a 33 percent share in its oil and natural gas business in Egypt. The U.S.-based company said it would continue serving as the operator at its upstream assets in Egypt.

Some energy companies operating in Egypt have scaled back in response to violence that followed a July 3 military decision to unseat Mohamed Morsi, the first president elected by a democratic vote in Egyptian history.

Apache Chief Executive Officer G. Steven Farris said Egypt remains an important contributor to its global portfolio of oil and natural gas assets.

"With today's partnership, we are ensuring they can continue this contribution in the future," he said in a statement Thursday.

Apache last year produced a net average of 100,000 barrels of oil and 354 million cubic feet of natural gas per day.

The company said it employs about 9,000 Egyptians. It said its exploration and production operations are in remote areas unaffected by political events.

No statement was available from Sinopec.

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