EGYPT
Sinopec buys Apache stake
China’s state-run oil giant, Sinopec Group, had bought a 33 percent share of US firm Apache Corporation’s oil and gas business in Egypt for $3.1 billion (R32bn), the two firms said on Friday. Sinopec said the deal would increase its production by 130 000 barrels of oil equivalent per day, or 6.5 million barrels annually. It comes amid a push by Chinese oil companies to expand their overseas assets to satisfy the country’s growing energy consumption. “Through this partnership, Sinopec is able to enter the upstream oil and gas sector of Egypt for the first time and expand its international upstream portfolio,” it said. The company added that the two firms had also agreed on a partnership that “will further build up Sinopec’s capability and experience in promoting overseas reserves and production”. – Sapa-dpa
nigeria
Ecobank under investigation
Nigeria’s securities regulator was investigating pan-African lender Ecobank International over an alleged mis-statement of its 2012 performance, a source at the Securities and Exchange Commission (SEC) said on Friday. Nigeria’s SEC held meetings with Ecobank’s board of directors on August 6 to discuss the issue, which was raised by a suspended former head of finance at the bank, the source said, but did not elaborate as to what the bank was accused of mis-stating. Ecobank acknowledged that there was an investigation, giving no details, and said it was co-operating with the SEC. The source said the regulator had sent queries about Ecobank’s 2012 performance to all the directors. The SEC source said: “The core element [of the allegation]… is on material mis-statement of facts on [Ecobank] performance.” – Reuters