June 5, 2009
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CNPC Eyes $5 bln in PetroCanada Assets

Joseph Chaney, Reuters

Top Chinese oil firm China National Petroleum Corp (CNPC) is eyeing $5 billion of assets in Syria and Libya held by Petro-Canada, a newspaper reported on Monday.

CNPC, parent of PetroChina has approached Petro-Canada and Suncor Energy -- who are in the process of merging -- regarding the purchase of the assets, the South China Morning Post cited unidentified sources as saying.

In March, Suncor agreed to buy Petro-Canada in an all-share deal, initially valued at $18.4 billion ($15 billion), to create Canada's largest oil company and the dominant player in the country's vast oil sands.

Petro-Canada's international unit owns assets in Trinidad and Tobago, Libya, Syria, and the North Sea, the newspaper said.

Any discussions regarding the future plans of the combined company would have to wait until the merger is completed, the paper cited a Suncor spokesman as saying.

Despite the financial crisis, Chinese state-backed oil giants are aggressively scouring Africa and South America for energy assets to secure supplies and power economic growth at home.

- Copyright 2009, Reuters. All rights reserved.


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