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China's CNOOC buying Canadian oil sands producer

China's CNOOC buying Canadian oil sands producer

July 20th, 2011 in News

BEIJING (AP) - Chinese oil company CNOOC Ltd. says it has agreed to buy Canadian oil sands producer OPTI Canada Inc. for $2.1 billion.

CNOOC, one of China's three main state-owned oil and gas producers, said Wednesday the deal is subject to regulatory approval in Canada and China.

OPTI owns stakes in oil sands production sites in the Canadian province of Alberta.

If approved, the CNOOC acquisition would increase the Chinese presence in Canada's oil sands industry following multibillion-dollar investments by other state companies.