Chinese company completes Opti takeover
Dec 2, 2011 at 7:25 am in Business by TheNewsGirl
Oil sands company Opti Canada has been officially taken over by a Chinese company.
CNOOC finished its takeover of the company this week, giving it a 35% stake in the Long Lake oil sands project.
The $2.5-billion deal allows CNOOC to get access to Opti’s unique technology that allows for bitumen upgrading without using natural gas.