Canadian energy company acquired by Chinese state-owned oil company

December 24, 2011

Business, International

Chinese oil giant acquires Canadian energy company
Chinese oil giant Sinopec acquires Canada’s Daylight Energy in $2.1 billion deal

Associated Press
BEIJING– A Chinese state-owned oil company has acquired Canada’s Daylight Energy in the second major Chinese purchase of a Canadian energy company this year.
A unit of Sinopec Corp. and Daylight Energy Ltd. announced the 2.2 billion Canadian dollar ($2.1 billion) acquisition was completed Friday.
The deal gives Sinopec access to Daylight’s 69 oil and natural gas assets in Canada’s western province of British Columbia and neighboring Alberta.
China’s state-owned energy companies, flush with cash from its economic boom, are acquiring oil and gas assets in Canada, Africa, Central Asia and elsewhere to profit from surging global demand.
In November, state-owned CNOOC Ltd. acquired Canada’s OPTI for $2.1 billion.

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