A Chinese company’s $817-million investment in a northern Alberta heavy oil project nine years ago has collapsed in value to less than $80 million, based on the price its Canadian partner has negotiated for the sale of its majority stake.
The other 45 per cent is held by China Investment Corp., a sovereign wealth fund created by the Chinese government in 2007. Indeed, PROP might be considered a core business if not for the higher profits the company expects to realize from its Cardium light oil drilling program in central Alberta, said Obsidian CEO Mike Faust.
“They got several things wrong,” he said. “They believed our propaganda that there’s going to be pipelines. And they mis-timed – easy to do – in terms of pricing.” The company did not respond to a request for comment but it seems unlikely it would take over the project given its lack of a Canadian office and its stated goal on its website to act as a “financial investor” and not seek control over companies it invests in.
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