Despite the Alberta pipeline being incomplete, Chinese investors continue to pour money into Canadian energy.
Canadian pipeline construction Image: Jason Woodhead |
Chinese state-owned energy companies will continue to invest in Canadian oil sands and shale gas companies, says China’s ambassador to the country Zhang Junsai. To date, spending in the region by Chinese SOEs has hit an estimated $20 billion, much of which has yet to see a profit.
Nonetheless, Zhang justifies the Chinese presence and investment, claiming they are there to learn first and generate profit second. c China’s oil and gas imports remain stable as Qatar, Saudi Arabia, Russia and Australia continue to fulfil supplies.
Zhang sees Canada as a long-term “investment opportunity” and an important part of the growing superpowers multi-channel approach to energy fulfilment. Canadian president Stephen Harper has made diversifying exports of Canadian oil to Asian markets a major initiative, although he realises that pipeline capacity for transporting crude to the nation's west coast is limited.