Ottawa approves Sinopec stake in Syncrude

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Ottawa has approved the $4.65-billion-US deal that will see Sinopec, the state-owned Chinese energy company, acquire a stake in Alberta’s giant Syncrude oilsands project.
Industry Minister Tony Clement said Friday Sinopec’s purchase in April of the 9.03-per-cent stake in Syncrude held by ConocoPhillips “is likely to be of net benefit to Canada.”
8 _0 |- {* H8 |9 R( x4 N“Through its investment, Sinopec is acquiring a minority interest of 9.03 per cent in Syncrude,” Clement said in a statement.
4 k4 C7 F. R1 J& Z: n$ d2 z“There are seven other partners in Syncrude who control the remaining 90.97 per cent.
/ h( u9 d+ `* r) g- D“This transaction will not change the level of Canadian control of Syncrude, which will remain at 55.97 per cent.”
! i8 \# I% G0 J! d) j3 P! q9 ]1 ]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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