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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: RealMuLan who wrote (53786)	9/28/2004 2:12:47 PM
From: RealMuLan	Read Replies (1) of 74559

China eyeing investment in Alberta oil sands By PATRICK BRETHOUR and DAWN WALTON From Tuesday's Globe and Mail Calgary — Sinopec Corp., the giant Chinese energy company, is eyeing a major investment in Alberta's oil sands — perhaps even its own project — as it pushes to secure supplies for its booming home market. That push comes even as the United States increasingly looks to the oil sands as a secure source of supply for its own uses, with terrorism and other geopolitical upheaval threatening conventional oil production overseas. Alberta Premier Ralph Klein said officials with Sinopec, which is majority-owned by the government of China but trades as a public company, have toured the oil sands since his own June trip to Beijing. “I met with them in Beijing and true to their word they came over to examine the potential of investing in the tar sands. We encourage their investment,” Mr. Klein said in comments to reporters at the end of the Banff Global Business Forum. theglobeandmail.com

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