THEY topped-up to 100% their ownership of the struggling-for-cash LONG LAKE OIL SAND PROJECT.
YOUR TAX DOLLARS AT WORK - to subsidize the start-up of the project ..... on Leased Crown Land ... with minimal royalties - now TO BE sold in its entirety?, forever? to a foreign National? (never mind the agenda of THIS particular buyer) ..... are we stupid? ... or are the Buyers just smart? in the short-medium AND long-term view?
"State-owned CNOOC Ltd. will pay $27.50 per Nexen share. That price makes the deal the largest foreign transaction that Beijing has ever attempted.
The agreement is a 61 per cent premium on the closing price of its shares on Friday on the Toronto Stock Exchange"
...
"CNOOC already has a toehold in the oilsands, through the company's $2.1 billion deal to buy OPTI Canada out of creditor protection last year. OPTI owned the other third of the Long Lake oilsands project that Nexen didn't"
-two excerpts from China's CNOOC offers $15B for Calgary oil firm Nexen - read the whole thing and listen to the spin put in the whole affair.
Long Lake Oils Sands Project a 2001 joint venture of Nexen Inc (nee Canadian Occidental Petroleum {CanOxy} started in 1969 by Occidental Petroleum of USA) and OPTI Canada Inc (the owner of the proprietary 'OrCrude' system of SAGD (steam-assisted gravity drainage) used to extract the bitumen from the Tar Sands).
In 2011 CNOOC Canada (a wholly owned subsidiary of China National Offshore Oil Corp) bought OPTI's 35% share in the joint venture (as above, from creditor protection)
July 2012 CNOOC proposed to buy the other 65% of Long Lake by acquiring 100% of Nexen Inc.(also acquiring Nexen's 7.23% share of Athabaska Oil Sands w Syncrude and all Nexen's other worldwide assets and liabilities)
See background wiki on Nexen (acq of Wascana -nee Sask Oil)
and on Long Lake
No comments:
Post a Comment