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E-mailCalgary, 12 April 2010
China's state-owned Sinopec plans to buy ConocoPhillips' stake in the huge Syncrude project in Canada's oil sands for $4.65 billion, marking one of the country's largest investments ever in North America. ConocoPhillips, the US-based oil major, said on Monday it will sell its 9.03% interest in the Syncrude Canada Ltd project to China's top refiner in a deal set to close in the third quarter. The acquisition is not the first investment by a Chinese company in Canada's oil sands but it is the largest.
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