Sinopec oils the wheels of overseas growth

Energy | Mike Bastin

It will come as no surprise that China Petrochemical Corp, also known as Sinopec, has agreed yet another deal with an overseas oil producer. Sinopec's recently announced 33 percent stake in the Egypt-based oil and gas business of US firm Apache Corp will cost $3.1 billion.

Only last year Sinopec also concluded a $1.5 billion deal with Canada's Talisman Energy Corp and, since late 2010, Sinopec has invested $19 billion in deals across Europe, the United States, South America and Australia.