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Chinese oil giant acquires Canadian energy company

Chinese oil giant acquires Canadian energy company

December 24th, 2011 in News

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.