ConocoPhillips completes sale of Syncrude stake to Sinopec

Credit Suisse has advised ConocoPhillips in a multi-billion dollar asset sale.

US oil and gas company ConocoPhillips has confirmed the $4.65 billion (£3.12 billion) sale of its 9.03 per cent interest in Syncrude, an oil sands mining operation in Alberta, Canada, to Sinopec International.

Jim Mulva, ConocoPhillips' chairman and chief executive officer, said the transaction was an important step in the company's current $10 billion divestiture programme.

"The sale of the Syncrude interest … is just one part of ConocoPhillips' plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions while growing production and reserves per share," he added.

Credit Suisse acted as the sole financial adviser to ConocoPhillips while Osler, Hoskin and Harcourt acted as the Houston-based company's legal counsel for the deal.

ConocoPhillips has $155 billion of assets and employs approximately 29,900 people around the world.

Sinopec, also known as China Petroleum & Chemical Corporation, is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations.