Sinopec pays $4.65 billion for stake in Canadian oil sands project

Sinopec buys ConocoPhillips' 9% interest in Canada's Syncrude oil sands project.

China Petrochemical Corporation Sinopec will buy a 9.03% equity interest in ConocoPhillips oil sands project Syncrude for $4.65 billion.

The deal gives Sinopec a foothold in Canada's oil sands, one of the largest deposits of petroleum reserves and resources in the world. This is the second investment by the Chinese state-owned enterprise in an oil sands project following its acquisition of a stake in the Northern Lights oil sands project in 2005. Sinopec was advised by Deutsche Bank and...

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