China Petrochemical Corp, the parent company of China Petroleum & Chemical (Sinopec), has agreed to acquire a one-third stake in the Egyptian oil and gas operations of United States-based Apache for US$3.1 billion, making it its first foray into politically troubled Egypt. The investment, coupled with rival PetroChina's recent indication that it has been in advanced talks to team up with global oil and gas giant Exxon Mobil to develop the latter's oilfield in Iraq, highlights the resolve of Chinese state energy firms to enhance national energy security despite the Middle East and North Africa's heightened geopolitical risks. China Petrochemical...