Chinese energy firms continue amassing overseas energy assets

Sinopec to pay US$3.1 billion for Egyptian oil business.

China Petrochemical Corporation or Sinopec, Asia’s largest oil refiner, will buy a 33% stake in the Egyptian oil and gas business of US firm, Apache Corporation.

The deal is the latest in a series of moves by Chinese oil firms to secure energy supplies to meet China’s growing energy demand.

Apache's Egypt operations produced some 100,000 barrels of oil and 354 million cubic feet of natural gas per day in 2012.

Last June, Sinpoec agreed to pay US$1.5 billion to US firm Marathon Oil Corporations for a 10% stake in its Angolan oil and gas field. It had bought a 5% stake in the same field from French firm Total in 2011.

PetroChina, another Chinese oil and gas major, signed a deal to gain further access to Canadian oil and gas reserves. PetroChina, which already owns a 60% stake in the Mackay River oil sands project, bought the remaining 40% share for US $673 million.

Late last year, China National Petroleum Corporation won approval for oil exploration and extraction in Afghanistan.