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CNPC May Buy Petro-Canada Assets

China National Petroleum Corp (CNPC) considers buying $5 billion assets in Syria and Libya belonging to Petro-Canada

CNPC, parent of PetroChina has approached Petro-Canada and Suncor Energy — who are in the process of merging — regarding the purchase of the assets, Reuters reported referring to the South China Morning Post.

Petro-Canada's international unit owns assets in Trinidad and Tobago, Libya, Syria, and the North Sea. In March, Suncor agreed to buy Petro-Canada in an all-share deal, initially valued at $15 billion, to create Canada's largest oil company and the dominant player in the country's vast oil sands.

Any discussions regarding the future plans of the combined company would have to wait until the merger is completed, Suncor spokesman is quoted as saying.

Author: Ksenia Kochneva

Source : Reuters