ConocoPhillips says it will sell its interest in Canadian oil sands producer Syncrude to a Chinese petroleum company for $4.65 billion.
The Houston oil company said subsidiaries of Sinopec International Petroleum Exploration and Production Company have agreed to buy its 9.03 percent stake in Syncrude. The sale is part of previously announced plans by ConocoPhillips to unload about $10 billion in company assets by 2011.
ConocoPhillips said the deal should close in the third quarter pending approvals by the Chinese and Canadian governments.
ConocoPhillips shares added 53 cents at $55.85 in midday trading.
© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.