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Canada further sells out Oil Sector after Nexen deal






China is even further expanding its politicial-military-industrial fangs in Canada.  Despite, Canada`s  professed bid to close the doors on take-overs by foreign state-owned enterprises, Canadian oil patch is being further sold out.

On Thursday, China’s largest energy producer and a regular and functional bidder, Petro China Co. ready to seek entry into the global stockpile would take 49.9 per cent prize share in EnCana’s Duve nay natural-gas and liquids project in exchange for an initial payment of $1.18 billion Canadian dollars. In other words, this deal won`t be subject to same review by the federal government as the Nexen deal.

Petro China co. is the listed arm of state-owned China National Petroleum Corporation (CNPC), headquarters at Dongcheng District, Beijing with trading experiences in Hong Kong and New York.

Petro China is another Chinese company that has announced that it has agreed to pay 2.8 billion Canadian dollar to buy EnCana Corporation`s natural-gas project in Alberta. The announcement came soon after Canadian government issued clarifications to the rules applicable to foreign-state owned investors in Canada.

With this deal, EnCana succeeded in its efforts to attract partners to assist in structuring many prosperous ventures across North America.


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