Company News
Blog: Chinese Entry to Oil Sands
May 22, 2005

In an article appearing in the San Francisco Chronicle by Robert Collier, it is reported that China is pouring money into Alberta's oil sands with speed and precision.

China National Offshore Oil Corp. paid $150 million for a 17% stake in oil sands producer MEG Energy, giving it access to an estimated 2 billion barrels of reserves in the oil sands. And PetroChina Co. signed a memorandum of understanding with Enbridge Inc. for 50% of the supply on the proposed $2 billion Gateway pipeline, which will move 400,000 barrels per day from Alberta to the west coast of North America, for shipment to China.

According to the article, Hou Hongbin, a vice president of Sinopec, predicted his company would soon announce a "much bigger" deal for oil sands.

"The Chinese have come to nearly every skyscraper in Calgary, and they ask very probing, intelligent questions," said Roland George, an analyst with Purvin & Gertz in Calgary. "They are in this for the long haul."



 
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