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Strategies & Market Trends : Fundamental Value Investing

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To: The Ox who wrote (3330)	8/30/2013 8:44:32 AM
From: The Ox	Read Replies (1) of 4721

Apache sells Egyptian oil stake to Sinopec for $3.1 billion, forms global JV reuters.com U.S. oil and gas producer Apache Corp ( APA.N) is selling a 33 percent stake in its Egypt oil and gas business for $3.1 billion to state-owned Chinese oil giant Sinopec Group, reducing its exposure in the country amid the recent political unrest.Apache, which has been selling noncore assets globally to focus on U.S. onshore production and shore up its balance sheet, said it has also formed a global strategic partnership with Sinopec to jointly pursue upstream oil and gas projects. The Egypt deal would be the first step of the joint venture with Sinopec Group, parent of Sinopec Corp ( 0386.HK) ( 600028.SS) ( SNP.N), Apache said in a statement. Apache had said it was assessing the value of its Egyptian interests, which account for roughly a fifth of its global oil and gas production and 27 percent of its revenue last year.

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