tsmith7559
Well-known member
- Joined
- Aug 6, 2011
- Messages
- 3,683
SLICK said:tsmith7559 said:China has stakes in Oil all over the world, including your country
53% of Chinas oil imports come from the Arabian peninsula , Saudi Arabia , Angola and Iran are their chief suppliers.
U.S. and Canadian companies have dominated Alberta's oil sands for decades. Now, though, Chinese firms are rushing to snap up Canadian oil sands resources and invest in ongoing projects - to the tune of $15 billion in the past 18 months in Alberta alone.
Most of the recent deals have been by Chinese companies buying shares in existing projects. For instance, Sinopec spent $4.65 billion last year buying ConocoPhillips' 9 percent stake in Syncrude Canada Ltd., the world's biggest oil sands producer. And earlier this summer, state-owned CNOOC spent $2.1 billion acquiring the bankrupt OPTI Canada, whose main asset was a 35 percent working interest in Nexen's Long Lake oil sands project in Alberta.