Sinopec acquires vast Canadian oil sands reservesOctober 11, 2011
China’s largest petrochemical firm has purchased a Canadian company that holds 300,000 acres in the midst of the Alberta oil sands. Sinopec overpaid for control of the company – offering 70% more than the average price of the stock over the last 20 weeks, more than double the typical premium. The latest deal brings the total value of Chinese investment in Canadian energy reserves to over $30 billion.
Time is of the essence for US customers hoping to get a piece of the Alberta oil bonanza. By the time the Keystone XL pipeline gets approved, all the oil will be headed to China, anyway.