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Sinopec to invest in USD 5 billion oil pipeline in Canada

Steel News - Published on Mon, 24 Jan 2011

Bloomberg reported that China Petroleum & Chemical Corp, the country biggest refiner joined a group investing more than USD 100 million in Enbridge Inc proposed USD 5.5 billion pipeline to Canada’s west coast.

According to a transcript of a presentation by Enbridge Chief Executive Officer Mr Patrick Daniel that a group of Canadian producers and Southeast Asian refiners are matching Enbridge costs to get through the regulatory process to approve the Northern Gateway pipeline.

He said that Sinopec as China Petroleum is known has indicated it is one of the funding partners. He said he’s unable to divulge the identify of the other companies. They have the right to take an equity stake and a share of the capacity of the pipeline.

Enbridge has proposed piping as much as 525,000 barrels a day from Canada oil sands to the nation’s west coast from where it would be shipped to Asia and the US.

Calls during office hours to the work and mobile numbers of Huang Wensheng, a Beijing based spokesman for China Petroleum, weren’t answered.

(Sourced from Bloomberg)
Posted By : admin on Mon, 24 Jan 2011
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