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China Buying Up Canadian Energy Riches

A lot of the oil that is supposed to be coming from Canada’s oilsands is ending up under the control of China. The Sino strategy has been to do it slowly, under the radar. But it’s become such a huge presence it can no longer be ignored. From Canada’s National Post:

The $5.5-billion Enbridge pipeline project is all about sending Alberta bitumen in huge oil tankers to China. Beijing’s own state enterprises are among the project’s major backers, and Beijing has been buying up Alberta’s oilpatch at such a dizzying pace lately it’s hard to keep up. In the spring of 2010, China’s state-owned Sinopec Corp. took a $4.65-billion piece of Syncrude. Then the China Investment Corporation, which is run by the Chinese Communist Party, took possession of a $1.25-billon share of Penn West Petroleum. Last summer, the Chinese National Offshore Oil Corporation gobbled up Opti Canada for $2.34 billion. And so on.

Then, last month, Sinopec spent $2.2-billion to take over Daylight Energy Ltd., and last week, Petro-China, with the final push of $1.9 billion, became the owner and manager of the MacKay River oilsands project. This is what Ottawa doesn’t want you noticing.

Until now, Beijing’s strategy has been to fly under the radar by taking only pieces of oilsands ventures and to murmur occasionally about bringing in Chinese workers or pulling up stakes altogether should they hear too much backchat. Now, everything’s changed. Sinopec’s Daylight deal was a first: it was a complete takeover of a Canadian oilsands company by a Chinese state corporation. The MacKay River deal was a first, too, but in a bigger way: when the McKay project is up and running in 2014 it will be a full Chinese show, with a boss that answers directly to Beijing. The thing is, nobody in Ottawa wants to have a serious conversation about any of this.

You can read the full story here.

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