MSN:Chinese oil giant acquires Canadian energy company
BEIJING (AP) - A Chinese state-owned oil company has acquired Canada's Daylight Energy in the second major Chinese purchase of a Canadian energy company this year.
A unit of Sinopec Corp. and Daylight Energy Ltd. announced the 2.2 billion Canadian dollar ($2.1 billion) acquisition was completed Friday.
The deal gives Sinopec access to Daylight's 69 oil and natural gas assets in Canada's western province of British Columbia and neighboring Alberta.
China's state-owned energy companies, flush with cash from its economic boom, are acquiring oil and gas assets in Canada, Africa, Central Asia and elsewhere to profit from surging global demand.
