CALGARY, Alberta, April 1 French oil major
Total SA (TOTF.PA) said on Wednesday it sold a 10 percent stake
in a proposed Canadian oil sands project to China's Sinopec
(600028.SS), making both firms equal partners in the
Total bought into the Northern Lights project last year
when it acquired Synenco Energy, and Sinopec has been involved
The value of the interest sold on Wednesday was not
Construction of Northern Lights, which had been expected to
cost C$10.7 billion ($8.5 billion), is on hold as the partners
weigh new development options.
Earlier this year, Total has launched a C$617 million
hostile takeover bid for small oil sands producer UTS Energy
Corp UTS.TO to gain an interest in another proposed project
called Fort Hills. UTS has urged shareholders to reject it.
(Reporting by Jeffrey Jones; editing by Rob Wilson)