China National Petroleum Abandons Canadian Energy Strategy – Jon Harding

From The Financial Post:

China has abandoned its Canadian energy strategy out of frustration with federal policy and with the country’s oilsands producers, turning its attention instead to “friendly Venezuela” as a way to feed new Chinese refineries.

A senior executive with state-owned China National Petroleum Corp. (CNPC), Asia’s largest company, said CNPC has scrapped its involvement in a $4-billion Gateway pipeline project with Enbridge Inc. that was to move oilsands crude from Alberta to the British Columbia coast by about 2014. [Full Text]