ChinaÔÇÖs global oil initiative branches out into Egypt

The deal, which will see Sinopec pay $3.1 billion in cash, represents the latest in a series of similar transactions by Chinese oil firms who are looking to secure energy supplies in order to meet growing domestic demand.

"Sinopec is an ideal partner for us, and we look forward to the growth and value generation ahead for both companies through the expansion of our collaboration to other projects," Steven Farris, chief executive of Apache, said in a statement.

This latest development follows a similar move in June of this year when Sinopec agreed to pay $1. Billion to US firm Marathon Oil Corporations for a ten percent stake in its Angolan oil and gas field. It had bought a five percent stake in the same field from French firm Total in 2011. Earlier this year the company also agreed a deal with Devon Energy for a one-third stake in five new shale projects in the US.