International law firm Weil, Gotshal & Manges is representing Houston-based oil and gas producer Apache Corporation in the sale of a 33 percent stake in its Egyptian oil and gas business to China’s Sinopec International Petroleum Exploration and Production Corporation (Sinopec). Apache’s Egyptian production in 2012 totaled an average of 100,000 barrels of oil and 354 million cubic feet of natural gas per day, while providing employment for about 9,000 people in Egypt, where the company has two decades of industry experience. In announcing the transaction on August 29, 2013, Apache pointed to the Sinopec deal as the first step in a global strategic partnership between the two companies to pursue joint upstream oil and gas projects. The deal is expected to close in Q4.
The Weil team included Mergers & Acquisitions and Tax attorneys from the Beijing, Dallas, and Shanghai offices: M&A partners Glenn West (Dallas), Steven Xiang (Beijing), and Suat Eng Seah (Shanghai); Tax partner Jared Rusman (Dallas); M&A counsel Wenfeng Li (Beijing); M&A associate Ryan Gorsche (Dallas); and Tax associate Mark Dundon (Dallas).
This news appeared in the following outlets (may require registration/subscription):
- The Deal First Take: Advisers on Apache’s $3.1B Egyptian stake sale to Sinopec [APA] (August 30, 2013)
- The Deal: Sinopec strikes $3,1B deal with Apache in Egypt (August 30, 2013)
- The Asian Lawyer: Vinson & Elkins on $3 Billion Sinopec Egypt Investment (August 30, 2013)
- Law360: Sinopec Pays $3.1B For Apache Egypt Oil Biz Stake (August 30, 2013)
