Sinopec to buy ConocoPhillips stake in Syncrude

By OGJ editors
HOUSTON, Apr. 12
-- Sinopec International Exploration & Production Co. agreed to buy 9.03% interest from ConocoPhillips in the Syncrude oil sands joint venture in Alberta for $4.65 billion.

The transaction, subject to approvals by Canadian and Chinese governments, is anticipated to close in the third quarter.

“This is an important step in the $10 billion divestiture program which we announced last October,” said Jim Mulva, ConocoPhillips chairman and chief executive officer.

Chinese oil and gas companies have boosted their investments abroad since 2008, having committed billions of dollars into developing large fields in the Middle East and elsewhere (OGJ, Feb. 8, 2010, p. 21).

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