Ironic we predicted this in a blog post back in May.
saxangle.com/the-very-cryptic-thing-apache-oil-ceo-said-at-bernstein-conference-today/
Besides this being the validation Apache needed for its Egyptian assets, it’s a real statement on geopolitics. The Chinese apparently were talking to Apache about investing in Egypt for quite some time. After all they are notorious as a nation for being slow and deliberate. It was only when the military threw out the “democratically” elected Muslim Brotherhood candidate that the Chinese pulled the trigger on the deal. They are after all more comfortable dealing with a military dictatorship than a democratically elected president. That’s what the Chinese government is itself.
Do you think Obama is listening? There should be a rally in the Egyptian stock market tomorrow as well.
saxangle.com/the-very-cryptic-thing-apache-oil-ceo-said-at-bernstein-conference-today/
Sinopec International Petroleum Exploration and Production Corp. will pay $3.1 billion for a 33% stake in Apache Corp.s APA -0.67% Egyptian oil and gas business.The move will help Houston-based Apache continue to reduce its emphasis on Egypt, which accounted for 15% of its production in the 2nd quarter of this year, down from 25% in 2010, and allow it to focus on North American projects, the company said in a statement.The Egyptian deal is the first stage in a global strategic partnership between Apache and Sinopec to pursue oil and gas exploration and production projects, Apache Chairman and Chief Executive G. Steven Farris said in a statement.
via Sinopec to Buy 33% Stake in Apaches Egyptian Oil and Gas Holdings – WSJ.com.