ConocoPhillips Agrees to Sell Syncrude Stake to Sinopec
ConocoPhillips has entered into definitive agreements with subsidiaries of Sinopec International Petroleum Exploration and Production Company (SIPC) to sell its 9.03 percent interest in Syncrude for $4.65 billion, according to Business Wire. The transaction is anticipated to close in the third quarter of 2010 once Canadian and Chinese government approvals are obtained. The sale of the Syncrude interest is just one part of ConocoPhillips’ plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions. Credit Suisse acted as the sole financial advisor to ConocoPhillips, and Osler, Hoskin and Harcourt acted as legal counsel to ConocoPhillips for this transaction.