CNPC shuns Canada for ‘friendly’ Venezuela

China has abandoned its Canadian energy strategy out of frustration with federal policy and with the country’s oilsands producers, turning its attention instead to “friendly Venezuela” as a way to feed new Chinese refineries.

A senior executive with state-owned China National Petroleum Corp. (CNPC), Asia’s largest company, said CNPC has scrapped its involvement in a $4-billion Gateway pipeline project with Enbridge Inc. that was to move oilsands crude from Alberta to the British Columbia coast by about 2014.

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