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Sinopec Eyeing Major Sale of Canadian Assets to Fuel Development
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Sinopec Group is making a major sale in Canada in order to focus on western canadian gas development, according to a report by Reuters.
China's state-owned energy companies generally prioritize security of resources in order to meet domestic demand for energy, making this possibly an unusual shift to return on investment.
Sinopec joins other companies in Western Canada wanting to develop high-value shale gas resources available while still a buyer's market. This will likely be attractive to the Asian marketplace in the near future due to proximity to western export terminals and infrastructure.
Gas from the Montney and Duvernay fields will find a market in Asia once planned LNG plants are completed on the British Columbia coast.
Feng Zhiqiang, chairman of North America operations at…
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