ENERGY - China oil giant buys into strife-hit Egypt for $ 3.1 billion

ENERGY - China oil giant buys into strife-hit Egypt for $ 3.1 billion:

"Chinese oil giant Sinopec is entering Egypt despite the country’s political strife, announcing Aug. 30 it is buying a $3.1 billion stake in an existing operation as China scours the globe for energy reserves.

State-owned Sinopec will buy a one-third share in the Egyptian oil and natural gas business of US firm Apache Corp., the companies said.

The deal, which is still subject to regulatory approval, marks Sinopec’s first entry into exploration and production for oil and gas in Egypt, Sinopec said.

It is the latest major Chinese resources acquisition abroad and comes after CNOOC, another Chinese state-owned energy giant, bought Canada’s Nexen in a $15 billion deal last year despite political opposition."

'via Blog this'