ConocoPhillips (COP.NYSE) has agreed to sell its stake in a Canadian oil-sands project to China Petroleum & Chemical Corp (Sinopec; 0883.HK) for US$4.65 billion, the Wall Street Journal reported. ConocoPhillips said it will sell its 9.03% stake in Syncrude Canada, allowing the Texas-based firm to raise enough cash to meet the US$10 billion target it set last year as part of its restructuring plan. The agreement also signals China’s continued emphasis on securing off-shore energy resources. CNOOC last month said it would pay US$3.1 billion for a stake in Bridas Energy, one of Argentina’s largest oil-exploration companies.
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