Osler Reps Conoco In $4.7B Sale Of Syncrude Stake

Law360, New York (April 12, 2010, 5:55 PM EDT) -- ConocoPhillips Co. announced Monday that it would sell its 9.03 percent stake in Canadian oil company Syncrude Canada Ltd. to subsidiaries of Chinese oil company Sinopec International Petroleum Exploration & Production Co. for $4.65 billion.

The transaction is part of ConocoPhillips' plan, announced last year, to sell $10 billion in assets in 2010 and 2011 in an effort to reduce its debt. ConocoPhillips said it expects the deal to close by the third quarter of this year, subject to Canadian and Chinese regulatory approvals.

“The completion...
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