OTTAWA, ONTARIO, Jun. 25, 2010 (Marketwire) -- The Honourable Tony Clement, Minister of Industry, made the following statement regarding an application submitted by 1527191 Alberta Ltd. and 1527203 Alberta Ltd. (collectively Sinopec) to acquire control of ConocoPhillips Oilsands Partnership II:
"I have approved the application by Sinopec under the Investment Canada Act to acquire control of the ConocoPhillips Partnership because I am satisfied that the investment is likely to be of net benefit to Canada.
"In making my determination, I carefully considered the plans, undertakings and other information submitted by Sinopec in light of the net benefit factors listed in section 20 of the Act.
"Through its investment, Sinopec is acquiring a minority interest of 9.03 percent in Syncrude. There are seven other partners in Syncrude who control the remaining 90.97 percent. This transaction will not change the level of Canadian control of Syncrude, which will remain at 55.97 percent."
