A representative of Sinopec Group is currently in Canada meeting Husky officials.
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Sinopec Found Way to Canada's Treasures
The deal will give Sinopec the entry into the massive Athabasca oil sands in Calgary, Alberta, which Chinese refiner is eager to get
China?s largest oil refiner Sinopec is negotiating with Hong Kong?s Hutchison Whampoa the possibility to buy all or part of their controlling interest in Canada?s oil and gas firm Husky Energy.
The deal will give Sinopec access to Husky?s millions of barrels of oil and natural gas reserves; and moreover, it may provide the entry into the massive Athabasca oil sands in Calgary, Alberta, which Chinese refiner is eager to get.
For Hutchison, the deal would provide a sum of HK$17.2 billion, earnings that would help offset the continuing losses on the company?s massive bet on 3G telecommunications services. Hutchison owns 34.7 percent of Husky while the company?s main shareholder Li Ka-shing and his family trust together hold another 36.3 percent.
A representative of Sinopec Group is currently in Canada meeting Husky officials.
A representative of Sinopec Group is currently in Canada meeting Husky officials.
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