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EnigmaDude (94.92)

China gets gas, sees Daylight

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October 10, 2011 – Comments (0) | RELATED TICKERS: DAYYF.DL

Apparently, China's appetite for construction is still rumbling along:

A unit of China Petrochemical Corp (Sinopec) has signed a deal to buy Canadian oil and gas explorer Daylight Energy Ltd (Toronto:DAY.TO - News) for C$2.2 billion ($2.1 billion) in cash, underscoring China's quest to secure enough energy to power its booming economy.

A key reason for the deal is that Daylight is predominately a natural gas company and China would like to export liquefied natural gas from western Canada.

Will we see more of this type of investment by China in the future? I believe we will since they have relatively scarce energy resources of their own.

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