CHEMOIL

$5.6b oil sands deal imminent

BEIJING

ConocoPhillips, which holds a stake of about 9 per cent in Syncrude, said in October it planned to sell US$10 billion of assets over two years to cut debt.

Alberta-based Syncrude, the world’s largest producer of synthetic crude from oil sands, is not listed.

A spokesman for ConocoPhillips declined to immediately comment, while Sinopec officials could not be reached. — China Petroleum and Chemical Corp (Sinopec), Asia’s biggest refiner, plans to buy ConocoPhillips’s stake in oil sands producer Syncrude Canada in a deal that may be worth as much as US$4 billion ($5.6 billion), a person familiar with the matter told Bloomberg yesterday.Bloomb erg

If GLENCORE  dumps  it  at  CHEAPO  PRiCES

many  investors will  be  GLAD  to PiCK  up  the  shares.

PETROCHINA are CNOOC  will be LAUGHING 

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Chemoil's business is deceptively simple. The company bills itself as a gas station for ships, a business known as bunkering. It has a slew of small competitors strewn across the highly fragmented bunkering market.

Chemoil's advantage is its global scale.

"What makes Chemoil different from other independent players is that it has a presence in most of the key bunkering ports worldwide," says Cheryl Lee, an analyst at ubs in Singapore. The company's operations span almost every major port, from Los Angeles and New York to Rotterdam, Panama and, of course, Singapore, the world's largest ship-fueling port. Not only does that allow Chemoil to offer global service to customers, it also allows the company to buy fuel where it's cheapest and sell it where it's dearest. "No other independent player has this presence," says Lee.

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