Sinopec acquires stakes in Canadian oil sands project

China's Sinopec Corp has acquired 40% of stakes of the Northern Lights Oil Sands Project in Alberta, Canada at cost of 150 mln Canadian dollars.

The Sinopec hence becomes another Chinese oil company that expands oil sands business in Canada, following China National Offshore Oil Corp's acquisition of MEG's 16.69% of stakes by 150 mln Canadian dollars this month.

By People's Daily Online