Energy hungry China put $7 billion into the Canada oilsands

China has put $7 billion into the oilsands, but the pipeline they need is not assured.

By Michael McCullough

The purchase by China Petroleum & Chemical Corp. (Sinopec) of a 9% stake in Syncrude Canada from ConocoPhillips in April showed nothing if not re­solve. There were several other bidders, word on the streets of Calgary had it, and Sinopec's price — an eye-popping $4.65 billion that values the whole enterprise at more than $50 billion — demonstrated the staying power of a state-owned firm backed by a mountain of foreign-ex­change reserves

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