charge of the Alcan deal, Tom Albanese, stepped down in favour of Sam Walsh because he had overpaid. In 2007, the UK Tate & Lyle conglomerate announced the sale of its Redpath Sugar refining business to American Sugar Refining In 2007, US Steel's bn took over the bankrupt Stelco works (largely in Hamilton), subsequently idled in 2010 and finally shutdown in October 2013. 2008–12 In spring 2009, China Investment Corporation purchased a bn 17% share ownership of Teck Resources. IPIC, which is wholly owned by the government of the Emirate of Abu Dhabi, 100% purchase of Nova Chemicals (subsequently delisted) On 12 April 2010, ConocoPhillips agreed to sell its 9% share in Syncrude to Sinopec, a Chinese SOE oil company. The sale, for $4.65 billion, was completed on June 25, 2010. Also in April 2010, Merit Mining Corp. was taken over by Tianjin Huakan Group Co. Ltd. in a mn deal, and in December 2010 subsequently renamed to Huakan International Mining Inc. The transaction was funded by Hong Kong Huakan Investment Corp., an opaque Chinese investor located at Unit 1105, 11/F, Tower 1, Lippo Centre No. 89 Queensway, Admiralty, Hong Kong. The Norwegian SOE, Statoil, formed a 65-35 joint venture with Husky Energy, which is controlled in Hong Kong by Li Ka Shing. In 2011, Pohang Iron and Steel Company joint venture with Fortune Minerals, a $768mn project Also in 2011, HD Mining International was taken over by Huiyong Holdings (BC) (55%) and Canadian Dehua Lvliang Ltd. (40%) to operate the Murray River project. Huiyong Holdings (BC) is 100% owned by Huiyong Holdings China, an opaque Chinese investor. In October 2012, TransCanada Corporation and Phoenix Energy Holdings (aka PetroChina SOE) formed a 50-50 joint-venture bn Grand Rapids Pipeline project in Northern Alberta (operated by Brion Energy Corp.). Athabasca Oil Corp. and Phoenix Energy Holdings (aka PetroChina SOE) 40-60 joint-venture in Dover oil sands project. In December 2012, Malay SOE, Petroliam Nasional, purchased for bn Progress Energy (since delisted). Also in December 2012, Baffinland was formed, now a Nunavut Iron/ArcelorMittal 50-50 joint venture, with the latter as Project Operator 2013 On 14 January, JSC «Atomredmetzoloto», a unit of ARMZ Uranium Holding, which in turn is controlled by Russian SOE, Rosatom, bid US$1.3bn for the 49% stake it didn't already own in Uranium One, a Canadian miner with holdings in Kazakhstan. On 29 January, AltaGas and Idemitsu Kosan formed a 50-50 joint