• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 3 hours The EU Loses The Principles On Which It Was Built
  • 4 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 32 mins Starvation, horror in Venezuela
  • 7 hours Crude Price going to $62.50
  • 23 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 3 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 17 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
  • 20 hours < sigh > $90 Oil Is A Very Real Possibility
  • 3 hours Saudi Arabia Cuts Diplomatic Ties with Canada

China’s Petrochemical Corp. Invests in Canada

China’s Petrochemical Corp., also known as the Sinopec Group, has agreed to buy Canadian oil and gas explorer Daylight Energy Ltd. for $2.1 billion.
 
The Sinopec purchase is only the latest of recent Chinese investments in Canada’s booming energy industry. Two months ago China National Offshore Oil Corporation (CNOOC), China's dominant offshore oil producer, agreed to acquire bankrupt oil producer Calgary, Alberta-based company OPTI Canada Inc. for $2.1 billion. Last year Sinopec Group paid ConocoPhillips $4.65 billion for a 9.03 percent share stake in Canada’s Syncrude oil fields.
 
Daylight Energy Ltd. chief executive Anthony Lambert commented that the Sinopec Group offer "recognizes the highly attractive asset portfolio and exceptional terms we have assembled at Daylight," The Shanghai Daily reported.

In 2010 Daylight Energy Ltd.'s proven and probable reserves rose 46 percent to 174 million barrels of oil, 70 percent of which is natural gas.
 
The Sinopec Group-Daylight Energy Ltd. deal, which has been approved by Daylight's board, must still be approved by Daylight shareholders and the Chinese and Canadian governments.
 
Daylight Energy Ltd. went public on the Toronto Stock exchange in 2004. The Sinopec Group purchase will give the company the right to explore and develop 30,000 acres of Canadian oil and natural gas concessions.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News