China's big oil move into Alberta

[Newsjock]

Source: The Globe and Mail

State-controlled Sinopec is spending $4.65-billion (U.S.) to become the first Chinese multinational to buy a direct stake in a major producing oil sands project, paying a rich premium for ConocoPhillips Co.'s 9-per-cent stake in Syncrude Canada Ltd. The deal represents the next stage in Chinese investment in the oil sands, as Beijing-controlled companies scour the globe for energy resources and look to diversify the country's growing imports away from the Middle East.

China's growing presence in the oil sands is likely to add momentum to the effort by pipeline giant Enbridge Inc. to build the Gateway pipeline to Kitimat, B.C., and provide Alberta oil producers with access to Pacific Rim markets.

The proposed pipeline, however, faces opposition by environmentalists and West Coast native groups, who have vowed to block Gateway, saying it would bring undue risks to an ecologically sensitive region.

... Ottawa has welcomed investment from Chinese state-owned companies, and has granted approval for a number of deals, including state-owned PetroChina Co.'s $1.9-billion (Canadian) acquisition of 60-per-cent stake in Athabasca Oil Sands Corp.'s Mackay and Dover projects.

Read more: http://www.theglobeandmail.com/globe-investor/chinas-big-move-into-alberta/article1532062

[ZeitgeistObserver]

1. It'll do Alberta a world of good, but I'm sure

everyone else will hate the idea.

[amborin]

4. you forgot the sacrasm icon

[madrchsod]

2. interesting...there`s a brand new pipe to chicago from alberta

[DainBramaged]

3. It will be interesting to see the pollution get even worse up there

once the astute and honorable Chinese managers run the show............

[amborin]

5. it will be trashed, like most every other place they plunder and pollute

[glinda]

6. It already is being trashed. Canada is just giving itself away. Truly sad.

[aquart]

7. We're fighting wars in ASIA for oil

And the Chinese take the oil in our hemisphere without firing a shot. Oh, what are we doing wrong?

[jeanpalmer]

8. China is in the process of locking up supplies

of oil in many different areas. They're using a business approach. They simply make deals that both sides seem happy with. And they use our money to pay for it. I'm sure they like the fact the US is focused on military conquest instead of securing oil supplies for their people. It gives the Chinese a much broader field to conduct business on. And the nice thing is they don't have to get bogged down in all the local military and political issues, they're friendly to everyone, just doin deals. And it's so much easier not to have to use their military or threaten people, they remain on good terms with everyone. They don't seem to care about the Taliban or Pakistans nukes or Iran's activities, just not issues for them. And they get left alone as a result and they're probably going to end up with all the oil they need under contract. It's too bad we can't get some of them to come over and run our country for a while because the ones we're stuck with are messing up everything. The Chinese seem to be able to focus on the important things and get things done.