Ottawa approves Sinopec stake in Syncrude

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Ottawa has approved the $4.65-billion-US deal that will see Sinopec, the state-owned Chinese energy company, acquire a stake in Alberta’s giant Syncrude oilsands project.
Industry Minister Tony Clement said Friday Sinopec’s purchase in April of the 9.03-per-cent stake in Syncrude held by ConocoPhillips “is likely to be of net benefit to Canada.”
“Through its investment, Sinopec is acquiring a minority interest of 9.03 per cent in Syncrude,” Clement said in a statement.
6 t4 {: d; G8 d7 U+ E. o! ~“There are seven other partners in Syncrude who control the remaining 90.97 per cent.
+ r5 n* t2 W0 L: f( g' D0 a; m“This transaction will not change the level of Canadian control of Syncrude, which will remain at 55.97 per cent.”
! e/ p$ r0 E4 v- u/ a7 qSyncrude 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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