Monday 10 October 2011

Sinopec snaps up Canadian oil firm

A branch of Chinese state-owned oil firm Sinopec has snapped up Canadian oil and natural gas producer Daylight Energy. Sinopec International Petroleum Exploration and Production Corporation bought the Western Canada outfit for C$2.2billion (£1.4bn).

Anthony Lambert, President and CEO of Daylight said: "The efforts and accomplishments of this team will be built upon through increased investment in the business and acceleration of our development and exploration opportunities."