China pays $5bn in oil sands deal

China's Sinopec plans to buy ConocoPhillips' stake in the huge Syncrude project in Canada's oil sands for $4.65bn (£3.03bn), one of the Asian country's largest investments ever in North America. ConocoPhillips said it will sell its 9.03 per cent interest in the Syncrude Canada project to the refiner in a deal set to close in the third quarter.