ConocoPhillips agrees to sell Syncrude stake to Sinopec

U.S.-based ConocoPhillips announced that it has entered into definitive agreements with subsidiaries of Sinopec International Petroleum Exploration and Production Co. to sell its 9.03% interest in Syncrude for US$4.65 billion. The transaction is anticipated to close in the third quarter once Canadian and Chinese government approvals are obtained. Syncrude, located in Alberta, is the world’s largest oil sands project. Industry officials estimate the region could yield as much as 175 billion barrels of oil, which would make Canada second only to Saudi Arabia in crude oil reserves. (April 19, 2010)