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Tag: Sinopec

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In the past three decades the Islamic Republic of Iran has developed a well-earned sense of paranoia. First, in September 1980 Saddam Hussein invaded Iran in what he thought would be a quick military victory, but which quickly turned into an eight-year bloody slugfest, leaving an estimated 500,000-1,000,000 dead before the guns fell silent.

The acquisition of a 9% stake in the Syncrude oil sands venture by China’s Sinopec for $4.65 billion – substantially more than expected – could pave the way for a revaluation of Canada’s vast deposits of a resource that is environmentally controversial.

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