US duo lead on Sinopec’s $3.1bn purchase of Apache Egypt stake

legalweek

Vinson & Elkins and Weil Gotshal & Manges have advised on Sinopec’s purchase of a 33% stake in the Egyptian oil and gas business of American energy corporation Apache, for $3.1bn (£1.99bn).

The transaction, which is still subject to approval, saw Sinopec’s subsidiary Sinopec International Petroleum Exploration and Production Corporation (SIPC) acquire the Egyptian assets after entering into a strategic partnership with the Texas-based company to pursue joint, upstream oil and gas projects.