Apr. 14, 2010 (China Knowledge) - China Petrochemical Corp, also known as Sinopec Group, intends to acquire a 9.03% stake in the huge Syncrude project from ConocoPhillips for US4.65 billion, said the U.S. oil giant on Monday,
The agreed price exceeded market predictions, which ranged from US$3.6 billion to US$4 billion.
The deal, China's largest investment ever in Canada's oil sands, is expected to be completed in the third quarter, said ConocoPhillips.
The purchase is subject to approval from Chinese and Canadian regulators.
Syncrude, the largest project that produces crude oil from bituminous sands, has been in operation since 1978, and is able to produce 350,000 barrels of oil per day, which are about 13% of Canada's total oil output.
The agreed price exceeded market predictions, which ranged from US$3.6 billion to US$4 billion.
The deal, China's largest investment ever in Canada's oil sands, is expected to be completed in the third quarter, said ConocoPhillips.
The purchase is subject to approval from Chinese and Canadian regulators.
Syncrude, the largest project that produces crude oil from bituminous sands, has been in operation since 1978, and is able to produce 350,000 barrels of oil per day, which are about 13% of Canada's total oil output.
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