China, Oil, Canada

China has purchased a Canadian oil sand producer according to the BBC. Did not see this one in the NY Times.

The BBC states:

The deal - which must be approved by regulators - is the latest move by state-run Chinese firms to buy stakes in North American oil producers. Canada's Alberta province is believed to have the third-largest reserves of oil in the world. However it is far more expensive to extract oil from Canada's oil sands than from conventional fields. CNOOC says it will pay OPTI shareholders $34m, but will also take on the firm's $2bn worth of debt. The firm's main asset is a 35% stake in the Long Lake oil sands project in Alberta. The International Energy Agency (IEA) predicts that in the next five years almost half of global oil demand growth will come from China. Rising demand for oil and significant cash reserves have led Chinese energy firms to buy into foreign oil reserves.

As the US struggles with its own confused energy policies one continue to see the well managed Chinese economy move steadily forward. In the case of the current Administration the US would ban any such production. Strange folks!