Canadian Energy investment

CNOOC Ltd Canadian unit President Mr Zheng Li announced that Chinese companies may spend billions of dollars on Canadian oil and gas properties in coming years as China looks for energy around the world. Chinese companies will be spurred to look at Canada following new mandates to invest overseas and an easing of travel restrictions to Canada. CNOOC Canada, a unit of China National Offshore Oil Corp., became one of the first Chinese companies to invest in Canada oil industry when it paid CAD 150 million for a 17% stake in MEG Energy Corp. in 2005.

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