China Daily is reporting that Sinopec is buying ConocoPhillips' stake in Syncrude for $4.65 billion. This on top of purchases last year by Sinopec of a piece of Total's oil sands project, and by PetroChina of the Athabasca Oil Sands Corp.
This is interesting in light of last month's Chinese trade deficit of ~$7.2 billion (Xinhua), attributed to the cost of commodity imports (including oil). A report late last month put Chinese petroleum use growth at about 5% for the next five years. More deficits to come, perhaps.
This is interesting in light of last month's Chinese trade deficit of ~$7.2 billion (Xinhua), attributed to the cost of commodity imports (including oil). A report late last month put Chinese petroleum use growth at about 5% for the next five years. More deficits to come, perhaps.
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