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Article: Sinopec solidifies China's pursuit of oil sands.(Northern Lights oil sands project)
- Article from:
- The Oil Daily
- Article date:
- June 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SinoCanada, a subsidiary of Chinese state oil company Sinopec, announced on Tuesday that it will spend C$105 million (US$84 million) to acquire a 40% stake in the Northern Lights oil sands project in northeastern Alberta from Calgary-based Synenco Energy. The deal ensures that all three of China's powerhouse state oil companies--Sinopec, China National Offshore Oil Corp. (CNOOC) and PetroChina--will have a stakes in Alberta's vast oil sands deposits, further solidifying China's interest in the unconventional resource. In April, CNOOC acquired a 16.69% stake in oil sands producer MEG Energy Corp. for C$150 million and PetroChina signed a memorandum of understanding with ...