Ottawa approves Sinopec stake in Syncrude

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Ottawa has approved the $4.65-billion-US deal that will see Sinopec, the state-owned Chinese energy company, acquire a stake in Alberta’s giant Syncrude oilsands project.
2 K" z. u% c# NIndustry Minister Tony Clement said Friday Sinopec’s purchase in April of the 9.03-per-cent stake in Syncrude held by ConocoPhillips “is likely to be of net benefit to Canada.”
) t8 o$ n0 p/ }+ J! j$ w- M“Through its investment, Sinopec is acquiring a minority interest of 9.03 per cent in Syncrude,” Clement said in a statement.
6 c& B2 l$ }2 c& E, P! _2 X+ s  a“There are seven other partners in Syncrude who control the remaining 90.97 per cent.
2 E$ R% L0 Z% u, }; f+ N1 ~1 w+ K“This transaction will not change the level of Canadian control of Syncrude, which will remain at 55.97 per cent.”
Syncrude is owned by: Canadian Oil Sands Trust with a 36.7 per cent stake; Imperial Oil, which is controlled by ExxonMobil Corp. and operates the facility, owns 25 per cent; Suncor Energy Inc. has a 12-per-cent stake; ConocoPhillips’ nine per cent, now sold to Sinopec; Nexen Inc. holds seven per cent; Murphy Oil Corp. owns five per cent, as does Mocal Energy Ltd.

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