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Apache interests in Egypt (image courtesy of Apache)

Apache Corporation said it is selling its 33% stake of its Egypt oil and gas business for $3.1 billion in cash to a unit of China Petrochemical Corporation, namely the Sinopec International Petroleum Exploration and Production Corporation.

Apache aims to scale back its operations in Egypt amid the recent political unrest.

A statement from the Texas-based company said  the deal is subject to regulatory approvals and is expected to close during the fourth quarter.

Apache’s Egyptian interests account for roughly a fifth of its global oil and gas production and 27% of its revenue last year.

Earlier in the month, Apache  announced its sale of oil and gas producing properties in the Nevis, North Grant Lands and South Grant Lands areas of western Alberta, Canada to Ember Resources Inc. for US$214 million.