Sinopec downplays concerns about its investment in Egypt

Sinopec downplayed concerns about risks to the value of its investments in Egypt, China Daily’s Zheng Xin reports. Sinopec bought a 33% stake in Apache’s assets in Egypt for USD 3.1 bn in 2013. “The Egyptian project is more of a long-term investment and four years is too short to draw a conclusion. The prices of oil and gas are fluctuating. Now that they have hit the bottom, we're confident our investment will recover its cost within the expected 10 years,” Zhang Hong, head of the HSE Department of Apache’s JV, Qarun.