China?s state-owned petroleum refinery Sinopec is targeting Canada?s Husky company to build out the firm?s energy portfolio and secure long-term feedstock.
Sinopec eyes the upstream potential in Western Canada, offshore Eastern Canada, Indonesia, and in the South China Sea.
Hong Kong tycoon Li Ka-shing owns 36% of Husky privately, and a further 34.7% via his holding company, Hutchison Whampoa. Sinopec intends to buy Li?s shares to accomplish the acquisition.
Particularly attractive to Sinopec is the prospect of eventually exploiting the likes of Husky?s Tucker oil sands project, northwest of Cold Lake, Alberta and the White Rose oil field in Newfoundland.
