Apache Corp said it would sell a 33 percent stake in its Egypt oil and gas business for $3.1 billion in cash to a unit of China Petrochemical Corp, scaling back its operations in the country amid the recent political unrest. The deal with the unit, Sinopec International Petroleum Exploration and Production Corp, is subject to regulatory approvals and is expected to close during the fourth quarter, Texas-based Apache said in a statement.Egypt is enduring the worst internal strife in its modern history, triggered by the army's July 3 overthrow of President Mohamed Mursi.Apache had said previously that 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.Last month Apache also sold its Gulf of Mexico shelf assets for $3.75 billion to private equity firm Riverstone Holdings LLC in order to focus on growth from its U.S. onshore assets.
Apache Corporation (Apache) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Shares of APA fell by 0.67% or $-0.53/share to $78.64. In the past year, the shares have traded as low as $67.91 and as high as $94.87. On average, 3365710 shares of APA exchange hands on a given day and today's volume is recorded at 1744872.
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