The End of China’s Play in the Canadian Oil Sandbox?
By Wenran Jiang
Only
three years ago, China National Offshore Oil Corporation (CNOOC),
China’s third-largest national oil company (NOC), launched the
largest-ever Chinese overseas takeover bid, offering $15.1 billion to
buy Nexen Inc., Canada’s ninth-largest oil company. Together with China
National Petroleum Corporation and Sinopec Group, China’s two largest
NOCs, and other state-owned financial institutions, Chinese firms
invested around $35 billion in Canada’s energy sector between 2009 and
2013, making Canada the destination of one-third of Chinese overseas
energy investment in this period . But the
“Great Leap Forward” of Chinese investment in Canada has proven
controversial, as evidenced by the intense debate over CNOOC’s
acquisition of Nexen in the fall of 2012, and the recent criticism of
the company’s oil leaks in Alberta.
No comments:
Post a Comment