(Photo : China Petrochemical Group (Sinopec))

China Petrochemical Group (Sinopec), which is considered as Asia's largest refiner, will pay $3.1 billion to acquire 33 per cent of the Egyptian oil and gas assets of Apache Corporation, an American independent oil and gas firm headquartered in Houston, Texas.

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Experts said the latest acquisition, where Sinopec is expected to pay in cash, is part of China's quest for energy sources around the world as it aims to meet the growing domestic demands for energy.

China is the world's second-largest consumer of oil, next to the US, and energy experts said the country could overtake the US in energy importation in the next few years.

Subject to Government Approval

The deal is still subject to regulatory approval by China. It was signed by representatives of Apache Corp and Sinopec International Petroleum Exploration and Production Corp, which is a subsidiary of Sinopec Group.

Apache said its Egypt operations churned out a daily average of 100,000 barrels of oil and 354 million cubic feet of natural gas in 2012. If the deal is approved, Sinopec will be able to increase its output by 6.5 million tons of oil each year.

The US-headquartered oil and gas company said the sale will include oil and gas production assets in Egypt's Western Desert. The area is remote and unpopulated and has not been affected by the political turmoil that currents sweeps through Egypt's capital.

Sinopec's Biggest Purchase in the Middle East

The $3.1-billion deal will also mark Sinopec's first entry into the upstream oil and gas sector of Egypt and will become the biggest purchase of Sinopec in the Middle East.

Just this year, Sinopec has already made three global acquisitions, including the Apache stake in Egypt. In June, the company agreed to buy a 10 per cent stake in Marathon Oil Corp's oil and gas assets in Angola.

Also this year, Sinopec also agreed to pay Devon Energy $2.2 billion for a one-third stake in five new shale projects in the United States.