November 2011, Vol. 238 No. 11

Business Meetings & Events

China's CNOOC Buying Canadian oil Sands Producer

CNOOC Ltd., one of China’s three main state-owned oil and gas producers, has agreed to buy Canadian oil sands producer OPTI Canada Inc. for $2.1 billion. The acquisition would expand a growing Chinese presence in Canada’s oil sands industry following multibillion-dollar investments by other state-owned companies. OPTI owns a 35% working interest in Long Lake and three other project areas located in the Athabasca region of northeastern Alberta, CNOOC said. The remainder is held by Nexen Inc., a Canadian energy company that is the sole operator. Alberta has the world’s third-largest oil reserves after Saudi Arabia and Venezuela, with more than 170

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