Sinopec to buy 9.03% stake in Canada's Syncrude

16:50, April 13, 2010      

Email | Print | Subscribe | Comments | Forum 

American oil company ConocoPhillips will sell its stake in Syncrude, a leading Canadian producer of crude oil from oil sands, to China oil giant Sinopec, according to an announcement by ConocoPhilips on Tuesday morning.

Sinopec subsidiary, Sinopec International Petroleum Exploration and Production Company (SIPC), has reached "definitive agreements" with ConocoPhillips, saying that SIPC will receive 9.03 percent of shares from Syncrude for $4.65 billion.

The transaction is anticipated to be completed in the third quarter this year after obtaining approvals from Canadian and Chinese governments.

''We really appreciate that SIPC has recognized the value of this quality asset, and this is an important step in the 10-billion-divestiture program which we announced last October,'' said Jim Mulva, chairman and chief executive of ConocoPhillips.

Last year, ConocoPhillips stated that it planned to sell $10 billion of assets over two years. It will sell almost half of the assets in 2010 and the remaining half will be sold next year. Part of the proceeds will be used to pay off debts.

Source: Global Times


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion