China's New Oil Deal Has Canada Squirming
Jim Jelter, MarketWatch
Canada and China have been courting each other on energy issues for years. Their relationship just took an awkward turn, however, with Cnooc Ltd’s $15.1 billion bid for Nexen Inc.It’s awkward because it Canada prefers to view China as a vast market for its surplus oil while China clearly wants to be more than just a buyer of oil. It also wants to own the oil fields.
Canada and China have been courting each other on energy issues for years. Their relationship just took an awkward turn, however, with Cnooc Ltd’s $15.1 billion bid for Nexen Inc.It’s awkward because it Canada prefers to view China as a vast market for its surplus oil while China clearly wants to be more than just a buyer of oil. It also wants to own the oil fields.
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