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Sinopec buys stake in project from Total

CHINA Petroleum and Chemical Corp, or Sinopec, has bought a 10-percent stake in a multi-billion-dollar Canadian oil sands project from French energy giant Total SA.

The Northern Lights project will now be equally owned by Total Canada and SinoCanada Petroleum Corp, a Sinopec unit, Paris-based Total said in a statement.

Sinopec in 2005 bought a 40-percent interest in Northern Lights from Synenco Energy Inc for about C$105 million, or about US$83 million then. Total acquired the remaining shares last year when it purchased Synenco.

Total didn't disclose the value of the latest transaction. Beijing-based Sinopec was not available for comment.

Construction of the proposed Northern Lights project, located about 100 kilometers northeast of Fort McMurray, Alberta, and with a designed production capacity of 100,000 barrels a day, was deferred as the partners weigh new options.

"Total is pleased to expand its cooperation with Sinopec," said Yves-Louis Darricarrere, president of Total Exploration & Production. "This change to the Northern Lights Partnership will be an opportunity to engage with Sinopec to develop the oil sands resources and to access markets in North America and Asia."


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