Following China’s Richest Man… Into Canada

Li Ka-shing didn’t know quite what he had when he acquired Husky Oil…

Back in 1987, the man who has become China’s richest man bought a controlling stake in the small Canadian oil & gas driller. Husky quickly grew production by 11,000 barrels per day through 1989 and doubled its natural gas production in just one year.

However, in 1991, under Li’s guidance, the company made a move that helped it become one of Canada’s dominant energy companies: It spent C$1.6 billion on a pioneering heavy oil upgrader, located near the vast tar sands of western Canada.

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