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.”
. b6 B& N) h1 E. w# A“Through its investment, Sinopec is acquiring a minority interest of 9.03 per cent in Syncrude,” Clement said in a statement.
4 K3 {4 `) d2 P: ?“There are seven other partners in Syncrude who control the remaining 90.97 per cent.
6 s7 _/ _7 F! `& E& l+ y4 `: A“This transaction will not change the level of Canadian control of Syncrude, which will remain at 55.97 per cent.”
5 m1 O( d5 a2 h# MSyncrude 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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