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Oil & Gas

Sinopec acquires Canada-based Daylight Energy for $2.1 billion

October 10, 2011
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CALGARY, Alberta — China Petrochemical Corp., the nation’s biggest refiner, has agreed to buy Calgary, Alberta-based Daylight Energy Ltd. for $2.1 billion, Bloomberg reported.

With the acquisition — its largest this year — the state-owned company known as Sinopec Group gains access to more than 300,000 acres of oil and shale-gas reserves, adding to its expansion outside Asia.

“Sinopec made a number of oil-sands acquisitions, and this is probably the most gas they’ve acquired in western Canada,” Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernstein & Co., said. “It seems that Sinopec is potentially eying longer-term development of those for liquefied natural gas exports to the Asia-Pacific market, building on what Canadian companies are trying to do.”
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