NPR logo

China To Buy Canadian Energy Company

  • Download
  • <iframe src="https://www.npr.org/player/embed/138532607/138516701" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
China To Buy Canadian Energy Company

Business

China To Buy Canadian Energy Company

China To Buy Canadian Energy Company

  • Download
  • <iframe src="https://www.npr.org/player/embed/138532607/138516701" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Chinese energy giant Cnooc is paying about $2 billion for Opti Canada, an oil producer that operates in the country's oil sands. The Canadian firm filed for bankruptcy after running out of cash.

STEVE INSKEEP, host:

NPR's business news starts with a Chinese investment in Canada.

(Soundbite of music)

INSKEEP: China is paying about $2 billion for a Canadian energy company. Opti Canada is an oil producer that operates in the country's oil sands but it filed for bankruptcy after running out of cash. So today China's energy giant, known as CNOOC, said it is buying the Canadian firm.

Chinese companies have been investing in energy resources around the globe and this deal follows other Chinese investments in Canada's oil sands.

Copyright © 2011 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.