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Tag: Steve Farris

  • Friday, August 30th 2013 - 00:34 UTC

    China company takes 33% stake in US Apache Corp. oil and gas business in Egypt

    ”Sinopec is an ideal partner for us” said Steve Farris, Apache CEO

    China Petrochemical Corporation, Sinopec, has agreed to buy a 33% stake in the Egyptian oil and gas business of US firm Apache Corporation. Sinopec will pay Apache 3.1bn dollars in cash for the stake. The deal is the latest in a series of similar moves by Chinese oil firms as they look to secure energy supplies to meet growing domestic demand.