Article: Sinopec solidifies China's pursuit of oil sands.(Northern Lights oil sands project)

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 ...

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