Chinese companies have been accelerating their efforts to acquire Canadian energy resources. The fourth-largest Chinese state-owned oil company, Sinochem, is looking to buy oil and gas assets, according to a Globe and Mail report.
If Sinochem manages follows through, it will be the fifth major Chinese firm to buy Canadian energy resources. In July, China’s largest offshore oil producer, CNOOC Ltd, said that it would buy Opti Canada Inc. for $34 million and some $825 million in debt. In the last two years, major Chinese companies have spent $10 billion on buying assets in Western Canada, though Sinochem reportely has no interest in oil sands or natural gas in northern B.C.
Li Pilong, the asssistant president of Sinochem group, said on Thursday that his company was "more focused on conventional oil and gas, as preferred to oil sands,” and said he was “visiting a number of oil companies to see whether or not we can work together for a kind of co-operation on the energy field,” according to the Globe and Mail. He was speaking at the Canada-Asia Energy Co-operation Conference, along with Wang Zhen, executive director of the China Energy Strategic Research Institute at China University in Bejing.
http://www.vancouverobserver.com/politics/news/...ore-canadian-assets -----------
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