Refiner plays down Egypt risks

China Petroleum & Chemical Corp, or Sinopec, has played down concerns about potential risks to the value of its investment in the Apache project in Egypt.

The north African country has been in political turmoil of late.

Sinopec's clarification came in response to concerns that the value of its 33 percent stake in Apache's Egyptian company, which it bought for $3.1 billion in 2013, may have eroded massively due to local and global factors.