China’s largest energy conglomerate, Sinopec, has made a bid to buy out an Alberta oil and gas company for $2.2. billion in cash. This bid comes amid a new push by Asian firms to lock up Canadian energy that could soon be loaded onto tankers and shipped across the Pacific. In buying Daylight, Sinopec is cementing a new trend that has seen Asian entities seek great control in their north American investments. In buying Daylight, Sinopec is assuming a newly confident stance in Canada where it has operated since 2005. Daylight now pumps 38,000 barrells a day.
If it succeeds Sinopec will have opened an important door to expland chinese activity in a country whose resources and stability are increasingly coveted by foreign powers.
The Ministry of Industry must approve this deal and it has 45 days to say yea or nay.
Should the Canadian government approve this deal?
What do you think?
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Happy Thanksgiving to our merry little band of bloggers. Neil
It looks like China is the new imperial power,or at least is trying to be. They should get absolutely no long term rights here,and neither should the Americans. Let them buy what they need at fair market value,from Canadian owned companies. Oil is going to be the main fuel for the forseeable future,and they have to come here for it.
philsfancy,
No Canadian oil for China unless they pqy top ollar on the barrell-head.
Yes, let them buy it.
I agree with Phil.
We shouldn’t sell our resources. They’ll buy the crude if they need it, or we’ll sell it elsewhere. I don’t see the Saudii’s selling off their oil fields rights.
Let’s be smart about this and make sure if they (THE CHINESE) want our oil they have to sell us their rare earth metals in exchange.
In the US, we export our jobs to China. Canada and Australia export their natural resources. In the end, the results will be the same: China will grow and prosper; Canada, Australia and the US will decline. It is very short-sighted of us to give up the future of our kids to make quick profits now.