Last June, the grand, century-old Chateau Laurier in Ottawa became the stage for an unprecedented display of Canadian-Chinese economic knot-tying. Roughly 150 political dignitaries, executives, and legal counsel were herded into a ballroom for signing ceremonies related to 11 separate energy and natural resources investments by Chinese state-owned companies. After short speeches by ministers from both countries, the Chinese and Canadian executives were called up front to sign various deal documents.
The ceremony was dominated by two particularly splashy unions. China Petroleum & Chemical Corporation—known as Sinopec—closed on its $4.65 billion purchase of a 9 percent stake in Syncrude Canada Ltd., an oil sands joint venture in Alberta. And China National Petroleum Corporation (CNPC) signed a memorandum of understanding with Encana Corporation for a multibillion-dollar long-term investment in proposed shale gas projects in Western Canada.
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