Chinese oil giant acquires Canadian energy company
Saturday, December 24, 2011
BEIJING (AP) — A Chinese state-owned oil company has acquired Canada’s Daylight Energy in the second major Chinese purchase of a Canadian energy company this year.
A unit of Sinopec Corp. and Daylight Energy Ltd. announced the 2.2 billion Canadian dollar ($2.1 billion) acquisition was completed Friday.
China’s state-owned energy companies, flush with cash from the country’s economic boom, are acquiring oil and gas assets abroad in hopes of profiting from surging global demand.
In November, state-owned CNOOC Ltd. acquired Canada’s OPTI for $2.1 billion.