Alberta Index - ENERGY: China keen to expand Alberta oil sands investment

ENERGY: China keen to expand Alberta oil sands investment

(AlbertaIndex, July 6, Friday) --- China remains interested in investing in Canada’s natural resources despite the current uncertainty in bilateral ties between the two governments.

State-owned Chinese National Petroleum Corp (CNPC) said it plans to explore and develop Alberta’s oil sands after confirming it recently was awarded exploration rights to a large parcel of land.

The company emerged successful in the January 2006 Alberta Crow land sale, walking away with the rights to 11 blocks covering 258.6 sq km, said Zhang Xin, CNPC’s director-general of external affairs. CNPC owns the majority stake in the project.

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