Ottawa approves Sinopec stake in Syncrude

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Ottawa has approved the $4.65-billion-US deal that will see Sinopec, the state-owned Chinese energy company, acquire a stake in Alberta’s giant Syncrude oilsands project.
! _# O( g# l, R# gIndustry Minister Tony Clement said Friday Sinopec’s purchase in April of the 9.03-per-cent stake in Syncrude held by ConocoPhillips “is likely to be of net benefit to Canada.”
1 S8 h" `( Z" s( d8 K- k0 c9 w2 x  v  `“Through its investment, Sinopec is acquiring a minority interest of 9.03 per cent in Syncrude,” Clement said in a statement.
& c  ~3 @# ?0 M1 ^5 @/ S# m2 n“There are seven other partners in Syncrude who control the remaining 90.97 per cent.
7 c/ X$ c% L3 ^6 B5 o6 s“This transaction will not change the level of Canadian control of Syncrude, which will remain at 55.97 per cent.”
" q% K  M8 i" W6 u8 w! {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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