Cnooc is acquiring bankrupt OPTI Canada for nearly $2.1 billion, The Wall Street Journal reports. Cnooc will buy the Canadian oil-sands developer’s outstanding shares for $34 million and acquire debt worth around $2 billion.
The Chinese oil producer will make the purchase through its unit Cnooc Luxembourg. The purchase will raise Cnooc’s reserves by 5.3%. OPTI’s main asset is a 35% stake in the Long Lake oil sands project in Alberta, Canada.
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