Enbridge & PetroChina $2.5 BILLION-China National Offshore Oil Corp "I'm excited with our low-cost entry into oilsands"--"learn . . .exploit" in China

"Oilsands to flow to China -- Enbridge $2.5 B pact with PetroChina will supply hungry market with crude" -- $2.5 BILLION

That was in the Financial Post, the lead today.




A little background story . . .

Pipeline fight has complex ramifications -- Natural gas prices, economy and U.S. relations involved

Pipeline fight has complex ramifications -- Natural gas prices, economy and U.S. relations involved Claudia Cattaneo, Financial Post, April 11, 2005

Canadians may be tempted to brush off the fight between TransCanada Corp. and Enbridge Inc. over which company will build the US$20-billion Alaska natural gas pipeline. It would be a mistake to view it as a self-serving contest between giant energy companies.

[. . . . ] TransCanada, Canada's top pipeline company, says it should build the pipeline because its predecessor company won the rights after a lengthy public hearing three decades ago. With that decision in hand, TransCanada says it can build the line more quickly than anyone else.

On the other side is rival Enbridge Inc., which is aligned with Alaska's reserve holders ExxonMobil Corp., BP PLC and ConocoPhillips. They say the NPA is antiquated and open to legal challenges. They are proposing a new project, to be permitted under new rules that would better reflect current conditions. [. . . . ]

"Beijing-based CNOOC (China National Offshore Oil Corp.), the top Chinese offshore oil producer, becomes the second-largest shareholder in MEG"

CNOOC leads the way into Alberta oilsands -- Buys stake in MEG Energy Claudia Cattaneo, Calgary Bureau Chief, Financial Post, Apr. 13, 05

Does "closely held" (see next sentence) mean the ownership is not readily known?

CALGARY - CNOOC Ltd., China's third-largest oil producer, made that country's first investment in Alberta's oilsands yesterday, scooping up a 16.7% stake in closely held startup MEG Energy Corp. for $150-million.

[. . . . ] "I'm excited with our low-cost entry into oilsands," Yang Hua, chief financial officer of CNOOC, said in a statement.

CNOOC plans to learn about the advanced technology and expertise of oilsands development, added Fu Chengyu, chairman and chief executive of CNOOC. It hopes to use the skills it learns here to exploit oilsand and shale reserves in China, he said.

[. . . . ] CNOOC's investment is unlikely to be reviewed under Canada's foreign investment rules because it is not a controlling interest.

"plans to learn" here "to exploit" in China


Re-read that. To all those developing "business networks" in China, pay attention. Is anyone surprised?




This is even more background, in my estimation, Note the date, 2002.

[China's leading oil firm] PetroChina Said among Three Firms Considering Husky Assets Feb. 2002 --- Note the date.

What happens to Canada's oil if that were to happen in future? The future is now. Phillips Petroleum Co and an "independent Canadian company" (which?) also were thinking of buying Husky.

Would that be an independent company owned by one of Canada's immigrants from Hong Kong or China?

CALGARY, Alberta - Husky Inc. [. . . . ] majority owned by Hong Kong tycoon Li Ka-shing, confirmed in a brief statement that it was in talks with state-controlled PetroChina and other parties about "potential transactions."

[. . . . ] Analysts put Husky's proven and probable crude reserves in Canada at roughly 930 million barrels, with natural gas at 2.2 trillion cubic feet (tcf). At the end of 2000, PetroChina had proven oil reserves of 11 billion barrels and gas reserves of 32.5 tcf. [. . . . ]

Keep reading for more information, relevant or otherwise. Are you starting to get an inkling as to why it is so necessary to buy off the provinces?

I suppose it will keep everybody happy; nothing and no-one will stop business, any business, even monkey business.