Global Processing

China''s CNPC eyeing Petro-Canada assets

April 6, 2009
Top Chinese oil firm China National Petroleum Corp is eyeing $5 billion of assets in Syria and Libya held by Petro-Canada, reports the Reuters. CNPC, parent of PetroChina, has approached Petro-Canada and Suncor Energy regarding the purchase of the assets, the South China Morning Post cited unidentified sources as saying. In March, Suncor agreed to buy Petro-Canada in an all-share deal, initially valued at $18.4 billion ($15 billion), to create Canada''s largest oil company and the dominant player in the country''s vast oil sands. Petro-Canada''s international unit owns assets in Trinidad and Tobago, Libya, Syria, and the North Sea. Any discussions regarding the future plans of the combined company would have to wait until the merger is completed, the paper cited a Suncor spokesman as saying. Despite the financial crisis, Chinese state-backed oil giants are aggressively scouring Africa and South America for energy assets to secure supplies and power economic growth at home.