Canada seeks more Chinese investment in oil sands, Carr says
Seeking Alpha
Published Jun 08, 2017 05:32PM ET
Canada seeks more Chinese investment in oil sands, Carr says
- Canada would welcome Chinese investment in its oil sands sector, Canada Natural Resources Minister Carr says, following six months in which $22.5B in foreign capital fled the area.
- Carr did not give details on what sort of investment Canada would want, but the previous Conservative government had a policy of limiting control of the oil sands by state-owned companies but they are still able to hold minority stakes in projects.
- Chinese companies such as Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and Sinopec (NYSE:SNP) jumped into the booming oil sands sector during 2005-12, but some of those investments, such as Cnooc's purchase of Nexen Energy, have been plagued with operational issues, raising questions over whether the Chinese would be reluctant to buy more oil sands stakes.
- Now read: PetroChina's Development Plan Of Peruvian Block 58: Its Context And Implications For Investors
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