China's CNPC buys Canadian oil firm: company

ENERGY TECH

by Staff Writers
Shanghai (AFP) Feb 27, 2009
China National Petroleum Corp has agreed to buy Canada's Verenex Energy Inc, including its Libyan oil assets, in a deal worth 499 million Canadian dollars (400 million US dollars), the Calgary-based company said.

The Chinese company's international arm, CNPC International Ltd, in an all cash deal, offered 10 Canadian dollars (7.97 US dollars) per share, a 28 percent premium on the company's closing price Wednesday on the Toronto Stock Exchange, Verenex said in a statement late Thursday.

Verenex's biggest asset is its 50 percent stake in the promising Area 47 oil field in northwest Libya, along with other assets in the vicinity.

CNPC officials were not immediately available on Friday to comment on the deal, and the company posted no statement about the transaction on its website.

The deal is the latest in a global buying spree by China, which has seen the voracious giant buy up stakes in resource companies around the world to secure supplies for its growing economy.

China Petrochemical and Chemical Corp., known as Sinopec, in December closed its two-billion-dollar deal for Tanganyika Oil, which has oil fields in Syria.

CNPC's offer still has to be approved by the Libyan National Oil Corp and Verenex shareholders owning at least two thirds of the outstanding shares, the Canadian company said.

Memory Foam Mattress Review

SPACE MEDIA NETWORK PROMOTIONS
Solar Energy Solutions
Tempur-Pedic Mattress Comparison ...

Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

ENERGY TECH

Analysis: Nigeria seeking reform for oil

Washington DC (UPI) Feb 26, 2009
Nigerian leaders are promising to move ahead with planned efforts to reform the country's oil and gas sector despite the continuing violence plaguing the petroleum-rich Niger Delta.

INTERNET SPACE Analysis: EU to listen in on Skype calls? Google introduces ads to Google News Mobile phone showcase reveals trends to watch Search engine accuses Google of antitrust violations	LAUNCH PAD The Case Of The Fairing That Would Not NASA Kepler Telescope To Launch Aboard Delta II Rocket Russia Set To Put US Telecom Satellite Into Orbit BrahMos To Sign MOU With ISRO
AEROSPACE British, Chinese firms seal major aviation deal Top Chinese aircraft maker launches global recruitment drive Major airlines call for climate deal to include aviation Swiss aircraft firm to cut jobs in Ireland	MILITARY COMMUNICATIONS Russian military satellite in orbit after launch Boeing Delivers First Communications Payload To MUOS Prime Contractor Raytheon Delivers Final Sentinel R Mk 1 Aircraft For UK ASTOR System USAF Awards LockMart Team Contract To Extend TSAT Risk Reduction/System Definition Phase
TECH SPACE Telstar 11N Satellite On Track With Post Launch Maneuvers Ball Aerospace Completes OMPS Integration For NPP An Impossible Alloy Now Possible Space Debris, Comets And Asteroids Threaten Earth	APPOINTMENTS Raytheon Makes Executive Changes In Space Business George Preston Chosen For 2009 Henry Norris Russell Lectureship Stevens New Director Of Communications And Public Outreach For Space Foundation ATK Appoints Blake Larson To Lead Space Systems Group
EARTH OBSERVATION Satellite Data Provide New View Of Smoke From Wildfires Orbital's Launch Of Taurus Rocket Is Unsuccessful Counting Carbon Five Things About The Orbiting Carbon Observatory	GPS NEWS Simplifying Tracking Of Fleet Driver Data Trimble Takes Outdoor Rugged Computers To The Iditarod M and M Pipeline Services Improves Field Operations Keeping Unmanned Security Vehicles On Track

The content herein, unless otherwise known to be public domain, are Copyright Space.TV Corporation. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space.TV Corp on any Web page published or hosted by Space.TV Corp. Privacy Statement