29 August 2013
Details
Apache Corporation and
Sinopec International Petroleum Exploration and Production Corporation
have launched a global strategic partnership
to pursue joint upstream oil and gas projects.
As the first step in this partnership,
Apache will receive $3.1 billion in cash,
subject to customary closing adjustments,
in exchange for Sinopec gaining a 33 percent minority participation
in Apache's Egypt oil and gas business.
Apache will continue to operate its
Egypt upstreame oil and gas business.
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