US’s Apache To Freeze $1 bln Investments in Egypt

Depending on the recommendations of the Oppenheimer Group, a company for research & investing information,  the US-based Apache Corporation tends to freeze its investments in Egypt, which a close source to Apache CEO, Steven Farris, estimated at USD 1 billion.

Apache Corp. (APA), which is one of the biggest oil companies, is recommended by the Oppenheimer Group- via a memorandum submitted by its analysts, to sell its assets in Egypt.

According to the data of the General Investment for Investment (GAFI), the volume of Apache Corp. investments since 1996 and so far is USD 10 billion, in addition to USD 1.2 billion investments in 2012 announced by the Apache CEO during a meeting with the Egyptian Prime Minister, Dr Hesham Kandil. Apache contributes to 30% of Egypt’s production of the crude oil and 14% of gas production.

The source suggested that the US Apache Corp. would defer these investments to an unspecified period.