Sinopec to siphon off 9% stake in Syncrude Canada for $4.65b
By EDWARD KLUMP | China Daily | Updated: 2010-04-14 08:23
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Workers inspect natural gas equipment at a Sinopec facility in Hebei province. Spending by Chinese companies on mining and energy acquisitions reached a record $32 billion last year. Hu Qingming / for China Daily |
HOUSTON - China Petrochemical Corp agreed to pay ConocoPhillips $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.
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