TIMELINE-Chinese investment in Canada's oil sands
(In U.S. dollars unless noted)
April 12 (Reuters) - Sinopec Corp (600028.SS), China's second-largest oil producer and top refiner, agreed on Monday to buy ConocoPhillips' (COP.N) 9.03 percent stake in Syncrude Canada Ltd, the largest oil sands project, for $4.65 billion.
Though not the first, the deal is the richest yet for Chinese companies looking for a toehold in the oil sands, the biggest oil reserves outside Saudi Arabia. [ID:nN12190582]
Below is a list of China's oil sands investments:
August 2009 - PetroChina (601857.SS) agrees to buy a 60 percent stake in two undeveloped oil sands properties held by Athabasca Oil Sands Corp (ATH.TO) that could eventually produce as much as 500,000 barrels per day.
The Canadian government offered no opposition to the investment by state-controlled PetroChina and formally approved the acquisition in December.
April 2009 - Sinopec acquires an additional 10 percent stake in Total SA's (TOTF.PA) undeveloped Northern Lights oil sands project for a price that has not yet been disclosed.
The purchase brings Sinopec's stake in Northern Lights to 50 percent, after buying a 40 percent interest in the project in May 2005, for C$105 million ($105 million).
Construction of Northern Lights, once expected to cost C$10.7 billion, is on hold as the partners weigh new development options.
April 2005 - CNOOC Ltd (0883.HK) pays C$122 million for 16.7 percent in privately held MEG Energy Ltd, which is developing an oil sands project in northern Alberta that could eventually pump up to 210,000 bpd, while other properties in its portfolio could eventually produce 500,000 bpd, according to company documents.
April 2005 - Enbridge Inc (ENB.TO) signs an agreement with PetroChina to ship oil on the planned Northern Gateway pipeline, which would take oil sands crude to a deepwater port on British Columbia's Pacific Coast.
Enbridge is still planning the line and is expected to soon file for regulatory approvals. However PetroChina withdrew from the project, citing frustration with the slow approvals process.
($1=$1.00 Canadian) (Reporting by Scott Haggett; editing by Rob Wilson)
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Malaysian plane crashed off Vietnam coast: state media
- No signal picked up from missing Malaysia Airlines plane-Vietnam official