China's oil giant, Sinopec, plans to buy Conoco Phillips' stake in the huge Syncrude project in Canada's oil sands. ConocoPhillips said it has already reached a final agreement with Sinopec's sub-company SIPC, a petroleum exploration and production corporation.

The deal will sell Conoco Phillips' stake to Sinopec, for 4.65 billion U.S. dollars. The agreement is expected to be completed in the third quarter of this year, after gaining approval from both the Chinese and Canadian governments. As for ConocoPhillips, the deal is part of its two-year, 10 billion U.S. dollar disposition program aimed at paying off debts.