One-Page Deal Sheet
Apache, Sinopec Ink Multi-Billion Dollar Egyptian Partnership
Sinopec Apache Corp
Announced Date
August 30,2013
Effective Date
January 01,2013
Close Date
November 14,2013
Transaction Type
JV
Enterprise Value (EV)($MM)
3100
Location
Region
Middle East
Country
Egypt
Transaction Details: Subscribe to see
Closing Announcement - November 14, 2013
Apache Corporation has announced completion of its previously disclosed sale of a one-third minority participation in its Egypt oil and gas business to Sinopec International Petroleum Exploration and Production Corporation. After customary closing adjustments, Apache received $2.95 billion in cash.
Apache will continue to operate the Egypt upstream oil and gas business.
G. Steven Farris, Apache's chairman and chief executive officer, said "We welcome Sinopec as our new partner in Egypt; together, we will continue to deliver the tremendous hydrocarbon…
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