Sinopec buys stake in project from Total

By Fu Chenghao | April 3, 2009, Friday |

Print Edition

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."

Energy

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Sinopec buys stake in project from Total

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