Chinese state oil company CNOOC has agreed to buy Canadian oil sands producer OPTI for $2.1bn (£1.3bn).
The deal - which must be approved by regulators - is the latest move by state-run Chinese firms to buy stakes in North American oil producers.
Canada's Alberta province is believed to have the third-largest reserves of oil in the world.
However it is far more expensive to extract oil from Canada's oil sands than from conventional fields.
CNOOC says it will pay OPTI shareholders $34m, but will also take on the firm's $2bn worth of debt.
Aren't we leaving any for ourselves...
Most oil from Alberta is currently exported to the US.
oh...
Read more here.
And:
Energy ministers to seek new oil markets
Read more here.
Welcome to Harpermart™, where Canada is up for sale.
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