Foreign funding of environmentalists?

In a demonstration of ultimate irony, Ethical Oil, which shills for the international petroleum industry, complains about environmental groups receiving a tiny portion of their funding from outside Canada. Where does the so called ethical oil industry get its funding? This is reported by Reuters:

  • January 20/11 – China’s Sinopec Corp is among a group of investors providing early-stage funding for Enbridge Inc’s planned C$5.5 billion ($5.5 billion) Northern Gateway oil sands pipeline project in Western Canada. …Sinopec, China’s second-largest oil producer and top refiner, is among a consortium of producers and refiners providing about C$100 million to fund the line’s regulatory and development costs…
  • November 24 – Osum Oil Sands Corp, a small privately owned oil sands development company, sells C$100 million worth of its shares to Korea Investment Corp, marking the sovereign wealth fund’s second investment in Canada’s oil sands.
  • November 23 – Thailand’s PTT Exploration and Production agrees to pay $2.3 billion for a 40 percent stake in Statoil ASA’s oil sands project, marking Thailand’s first foray into the Canadian oil sands industry.
  • August 2010 – Korea Investment Corp pays C$50 million for a minor stake in Laracina Energy Ltd, a small, privately held oil sands development company.
  • May 2010 – Penn West Energy Trust sells a 45 percent stake in oil sands properties near Peace River, Alberta, to China Investment Corp for $801 million.
  • April 2010 – Sinopec agrees to buy ConocoPhillips’ 9.03 percent stake in Syncrude Canada Ltd, the largest oil sands project, for $4.65 billion.
  • August 2009 – PetroChina agrees to buy a 60 percent stake in two undeveloped oil sands properties held by Athabasca Oil Sands Corp that could eventually produce as much as 500,000 barrels per day. The Canadian government offers no opposition to the investment by state-controlled PetroChina and formally approves the acquisition in December.
  • April 2009 – Sinopec acquires an additional 10 percent stake in Total SA’s undeveloped Northern Lights oil sands project for a price that has not yet been disclosed. The purchase brings Sinopec’s stake in Northern Lights to 50 percent, after buying a 40 percent interest in the project in May 2005 for C$105 million. Construction of Northern Lights, once expected to cost C$10.7 billion, is on hold as the partners weigh new development options.
  • November 2007 – Japan’s Inpex Corp takes a 10 percent stake in Total’s Joslyn oil sands project for an undisclosed price.
  • July 2006 – Korea National Oil Corp pays $270 million for Newmont Mining Corp’s BlackGold oil sands property.
  • April 2005 – CNOOC Ltd pays C$122 million for 16.7 percent in privately held MEG Energy Ltd, which is developing an oil sands project in northern Alberta that could eventually pump up to 210,000 bpd, while other properties in MEG’s portfolio could eventually produce 500,000 bpd, according to company documents.
  • April 2005 – Enbridge signs an agreement with PetroChina to ship oil on the planned Northern Gateway pipeline, which would take oil sands crude to a deepwater port on Canada’s Pacific Coast.
  • 1992 – Mitsubishi Oil Company of Alberta, now a unit of JX Holdings Inc takes a 5 percent stake in the Syncrude Canada project.
  • 1978 -Japan Canada Oil Sands Ltd, a unit of Japan Petroleum Exploration acquires stakes in oil sands properties. In 1983 the company launches a pilot thermal development, using steam to liquefy bitumen deposits, at its Hangingstone property in northern Alberta. n 2008 it announces plans to expand Hangingstone’s output from 8,000 bpd with a new 35,000 bpd project. Nexen Inc has a 25 percent stake in the property.

3 replies »

  1. Anon, I felt sick and enraged when I read that PetroChina now has full ownership of the MacKay River Oil Sands project. What chance is there that the Tar Sands can ever be developed in a responsible and sustainable manner when we are handing control over to foreign countries? All the Cons' talk about improving monitoring and regulation of emissions and pollution is just BS, and Canadians are buying it or just don't give a damn. Canada, we stand on guard for thee? Yeah, right.


  2. I wonder how China will get their dirty oil to China? Perhaps Harper knows.

    The Norwegians diverted a river, to their dirty oil project. Done behind Canadians backs. Norway has no respect for our eco systems. Their filthy fish farms, are killing our wild salmon. But, that doesn't matter to Harper and the Campbell/Clark BC Liberals. Their greed comes first. Norway should be expelled from Canada. What in the hell else are they doing to our country? Not that Harper, would care

    Besides China's dirty oil project. They are sending their people to school to learn English. They will work the coal mines.

    To expect anything ethical from Harper and the Campbell/Clark BC Liberals, is an exercise in futility.

    We were warned what Harper would do to Canada, if he won a majority. Our worst nightmares are coming true. Harper absolutely does not care about Canadians health care. Harper certainly has no concern for the environment. In Durban, of all the times a places. At a meeting of the Nations on global warming. To Canadians great shame…Harper was bullying country's to accept, the dirty tar oil. Harper has deeply slashed, Environment Canada's budget. Hmmm?

    Harper is not a true, loyal Canadian. He is a Reformer, and founded the Northern Foundation Party. This was in 1989.


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