Sinopec to siphon off 9% stake in Syncrude Canada

China Petrochemical Corp. agreed to pay ConocoPhillips US$4.65 billion for its stake in Syncrude Canada Ltd., a higher price than analysts expected, as Asia’s biggest refiner seeks overseas petroleum reserves. China Petrochemical, the Beijing-based company known as Sinopec Group, will buy about 9% of oil-sands producer Syncrude through its unit Sinopec International Petroleum Exploration & Production Co., according to a statement issued by Houston-based ConocoPhillips. (April 14, 2010)