Sinopec buys into Canadian oil sands

SinoCanada, a Sinopec Group subsidiary, has agreed to purchase a 40% stake in Canada's Northern Lights oil sands project for US$84m, state media reported, citing China Petrochemical Corp, the parent company of Sinopec. Canada's Synenco Energy Inc will own 60% of the project located in Canada's Alberta Province which includes oil sands mining and bitumen extraction with a synthetic crude oil production capacity of 100,000 barrels a day or 5m tons annually, according to Sinopec.