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 took legal advice from Blakes, Cassel Graydon.

The Syncrude project is the largest oil sands venture in the world with a production capacity of 350,000 barrels per day and encompasses surface mining, extraction and upgrading....

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