China eyeing Canadian assets

A state-owned Chinese oil firm is looking to pick up US$5-billion of Canadian-owned oil assets amid the fallout from the pending merger of Suncor Energy Inc. and Petro-Canada, according to reports in Asia.

The assets, in Syria and Libya, are being eyed by China National Petroleum Corp., one of China’s two oil majors, local media reported.

The overseas assets are likely considered “non-core” by the merged Canadian entity, which is expected to focus on operations in Canada’s oil sands.

CanadianPost