Apache inks $2.95B Egypt partnership with Sinopec

摘要

Apache Corp. (NYSE, Nasdaq: APA) completed the sale of a one-third minority participation in its Egypt oil and gas business to Sinopec International Petroleum Exploration and Production Corp. for $2.95 billion in cash. Apache will continue to operate the Egypt upstream oil and gas business. "With this transaction, Apache has completed $7 billion in asset sales in the process of rebalancing our portfolio toward assets with predictable growth rates and attractive rates of return," G. Steven Farris, Apache's chairman and chief executive, said.