Sinopec has more than doubled China’s presence in Alberta’s oilsands by paying USD 4.65 billion for ConocoPhillips’ 9% stake in Syncrude Canada Ltd. Houston-based Conoco confirmed the sale after details leaked out of Hong Kong early on 12 April, sending the share prices of Canadian oilsands producers higher. Conoco had been soliciting offers for its stake in Syncrude since last October. In a news release, the company said the deal is part of plans to shed more than USD 10 billion in assets around the globe. The sale is expected to close in the third quarter, pending Canadian and Chinese government approval. Other potential buyers were rumoured to include Canadian Oil Sands Trust – the largest Syncrude owner, with 36% – various pension funds and other international players from countries such as India.
