Canadian Oil Sands in sight as Fed Govt clears Sinopec Corp Purchase of Syncrude stake

By Midnight Trader,  June 25, 2010, 01:44:04 PM EDT

The Canadian federal government on Friday gave China's Sinopec Corp the green light to buy ConocoPhillips' stake in the Syncrude Canada Ltd oil sands project.

This, valued at $4.65 bln, is the biggest of a number of investments made by Chinese companies in the oil sands over the last year.

A break down of which Canadian companies own a stake in Syncrude shows what companies might be affected by Chinese interest in the oil sands.

Canadian Oil Sands Trust (COS-UN.TO) has a 36.7% stake. Imperial Oil (IMO.TO), which is controlled by ExxonMobil Corp. and operates the facility, owns 25%.

Suncor Energy Inc. (SU.TO) has a 12%; ConocoPhillips' had 9%, which is now sold to Sinopec; and Nexen Inc. (NXY.TO) holds 7%..

In addition, Murphy Oil Corp. (MUR.TO) owns 5%, as does Mocal Energy Ltd.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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