Monday, June 28, 2010

ConocoPhillips' (NYSE:COP) Syncrude Deal Completed

ConocoPhillips' (NYSE:COP) has finished its divestation of Syncrude, selling their 9.03 percent stake in the Canadian oil sands project to Sinopec International Petroleum and Production Co.

This is the largest deal made by a Chinese company in the Canadian sands, and was acquired for $4.65 billion.

This accounts for almost half of the strategy of ConocoPhillips to sell off assets worth close to $10 billion by 2011.

"I have approved the application by Sinopec ... to acquire control of the ConocoPhillips Partnership because I am satisfied that the investment is likely to be of net benefit to Canada," Canadian Industry Minister Tony Clement said in a statement Friday.

Sinopec is the top refiner in China, as well as the second largest producer of oil.

No comments:

Post a Comment