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A PetroChina gas station attendant in Beijing returns the nozzle. (FREDERIC J. BROWN/Frederic J. Brown/Getty Images)
A PetroChina gas station attendant in Beijing returns the nozzle. (FREDERIC J. BROWN/Frederic J. Brown/Getty Images)

China in the oil patch

Timeline: Chinese ownership in Canada’s oil patch Add to ...

CNOOC’s takeover of Nexen, approved today, marks another step by China into Canada’s oil patch. Here is a list of other Chinese oil patch investments:

2012

October

-China commits to a new $3-billion pipeline that would carry oil sands crude south. Phoenix Energy Holdings Ltd., the Canadian subsidiary of PetroChina Co. Ltd., partners with TransCanada Corp. to build a 900,000 barrel-a-day project, called the Grand Rapids Pipeline System, 500 kilometres from northwest of Fort McMurray to Fort Saskatchewan, near Edmonton.

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January

-PetroChina becomes the first Chinese state-owned company to wholly own a Canadian oil sands development after agreeing to buy out partner’s Athabasca Oil Sands Corp.’s stake in a newly approved project for $680 million.

2010

-Penn West Energy Trust sells a 45 per-cent-stake in oil sands properties near Peace River, Alta., to China Investment Corp for $801-million.

-Sinopec agrees to buy ConocoPhillips' 9-per-cent stake in Syncrude Canada Ltd, the largest oil sands project, for $4.65-billion.

2009

-PetroChina agrees to buy a 60 per cent stake in two undeveloped oil sands properties held by Athabasca Oil Sands Corp..

- Sinopec acquires an additional 10-per-cent stake in Total SA's undeveloped Northern Lights oil sands project for a price that has not yet been disclosed. The purchase brings Sinopec's stake in Northern Lights to 50 per cent, after buying a 40 per cent interest in the project in May, 2005, for C$105 million. Constriction of Northern Lights, once expected to cost C$10.7 billion, is on hold as the partners weigh new development options.

2005

-CNOOC Ltd. pays $122-million for 16.7 per cent in privately held MEG Energy Ltd, which is developing an oil sands project in northern Alberta that could eventually pump up to 210,000 bpd, while other properties in MEG's portfolio could eventually produce 500,000 bpd, according to company documents.

Reuters, Globe and Mail

 
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