Sinopec signs $3.1B Egypt oil deal

Aug 30, 2013, 5:04 PM EDT

China Petrochemical Corporation, also known as Sinopec, is to pay $3.1 billion for a 33% stake in the Egyptian oil and gas business of U.S. firm Apache Corp. In June, Asia's largest refiner bought Marathon Oil's 10% stake in its Angolan oil and gas field to add to a 5% stake in the same field bought from France's Total in 2011.

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