China's United Energy buys Egyptian oil producer Apex for $156.7mn

Published October 19, 2025 at 11:05 p.m. UTC

Source: MarketScreener

China's United Energy Group (UEG) has purchased Apex International Energy for $156.7mn, thus controlling eight oil concessions producing 11,000 barrels a day in Egypt's Western Desert, Apex said in a statement, cited by Arab Finance.

Apex is one of Egypt’s leading independent upstream companies and has been operating in the North African country since 2016.

In February 2025, both companies signed an initial agreement under which UEG acquires Apex’s oil and gas exploration and production assets in Egypt. The deal is guaranteed by Kuwait Energy, with both the buyer and guarantor being wholly owned subsidiaries of the Hong Kong-based United Energy Group.

Under the agreement, UEG’s regional arm will acquire 100% of the issued capital of Apex International Energy Holdings I, which owns Apex’s Egyptian assets.

Apex’s portfolio includes new drilling projects, re-entry programmes, enhanced oil recovery initiatives, and large exploration areas exceeding 3,500 sq km. UEG said it plans to support its financial strength and technical expertise to maximise the value of these assets and support Egypt’s growing energy sector.

UEG, listed on the Hong Kong Stock Exchange, is one of the world’s largest independent exploration and production companies, with operations spanning the MENA, South Asia, and Europe.

The acquisition marks a major expansion of its Egyptian portfolio, raising total production from 22,000 to 39,000 boe/d and positioning UEG among Egypt’s top ten oil and gas producers.