China's Sinopec to pay $2.2B for Calgary-based Daylight Energy Ltd.

Avec leur surplus commercial, la Chine achète les ressources énergétiques.

Le Canada ne devra pas être une province de la Chine, ce que les Australiens ont très bien compris, d’ailleurs !


Extrait de: China's Sinopec to pay $2.2B for Calgary-based Daylight Energy Ltd., Stephen Ewart, The Gazette, October 10, 2011

CALGARY— The aggressive push by China's state-backed energy companies into the Canadian oilpatch continued Sunday when Sinopec International Petroleum agreed to pay $2.2 billion for Calgary-based conventional oil and gas producer Daylight Energy Ltd.

Most of the Chinese energy investment in Canada since 2009 has focused on oilsands projects, but the recent emergence of liquefied natural gas from North America as a potential new fuel source for the energy-hungry Chinese economy has prompted interest in conventional oil and gas producers.

Last year Sinopec, officially China Petroleum & Chemical Corp., paid $4.65 billion for a nine per cent stake in oilsands miner Syncrude Canada Ltd. and it has been identified as a financial backer of Enbridge Inc.'s Northern Gateway pipeline to ship crude oil from Alberta to the Pacific Rim.

The all-cash offer for Daylight "recognizes the highly attractive asset portfolio" that has been established in Alberta and northeast British Columbia focused on light oil and natural gas, Daylight chief executive officer Anthony Lambert said in the statement.

Daylight produced 140 million cubic feet of natural gas and 13,400 barrels of high-value light oil and natural gas liquids a day in the second quarter of 2011.

The $10.06 per share offer by Sinopec was endorsed by Daylight's Board of Directors and it is more than double the company's $4.59 closing price Friday on the Toronto Stock Exchange. The offer does represent a 43.6 per cent premium on Daylight's average share price over the last two months.

Sinopec is China's largest producer and supplier of oil products and petrochemicals.

The acquisition of Daylight gives it direct operational control of a mid-sized company that is involved in technically challenging development of shale gas in the prolific basins in northeast British Columbia.

Earlier this year, another Chinese energy giant, PetroChina, moved to get into the Horn River basin but a $5.4-billion deal with Encana Corp. fell through.

There is significant interest in Asian markets about the under construction Kitimat LNG terminal on B.C.'s coast to export LNG to the Pacific Rim. If government approval is received, that line could be moving LNG by 2015.

Prior to the Encana and Daylight deals, most of the multi-billion dollar investments in Western Canada by Chinese energy companies since 2009 had focused on oilsands producers including: OPTI Canada Inc., MEG Energy Inc. and Alberta Oil Sands Corp.

The $2.1-billion deal for bankrupt OPTI in July by China National Offshore Oil Corp. was also a purchase of the entire company rather than a minority ownership position.

Daylight said that two-thirds of its shareholders, as well as the Canadian courts and regulators, must still approve the offer.

Calgary Herald