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Sinopec acquires vast Canadian oil sands reserves

October 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.

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2 comments

  1. […] cost of conventional oil has suddenly made the Alberta oil sands a very valuable commodity.  Multinational corporations and state owned companies from China are competing over the rights to dev….  Meanwhile, the issue of how to get the oil from its remote location to refineries or shipping […]


  2. […] producer Nexen.  This, less than a year after another huge state owned Chinese company, Sinopec, purchased Canadian firm Daylight Energy and acquired access to over 300,000 acres of potential oil s….  If the Nexen deal goes through, Chinese state investment in Canadian energy production will top […]



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