"China Invests Billions in Canada Oil Sands"

"FORT McMURRAY, Alberta -- As U.S. companies look toward oil riches in northern Canada, they're encountering increasing competition - as well as some much-needed cash infusions - from the Far East. U.S. and Canadian companies have dominated Alberta's oil sands for decades. Now, though, Chinese firms are rushing to snap up Canadian oil sands resources and invest in ongoing projects - to the tune of $15 billion in the past 18 months in Alberta alone."

"They are motivated by a desire to jump into one of the world's lowest-risk oil investments and to quench the exploding energy demands of Asian markets - even though getting the product from Canada to Asia is just a pipe dream now.

The foreign funding can help pay for what research firm IHS CERA estimates will be $100 billion in spending on oil sands projects over the next decade."

Jennifer A. Dlouhy reports for the Houston Chronicle September 19, 2011.

 

Source: Houston Chronicle, 09/19/2011