Energy Giant Sells Off Oil and Pipeline Business in Ecuador

[bemildred]

CALGARY (CP) -- Energy giant EnCana Corp. is selling all of its shares in subsidiaries that have oil and pipeline interests in Ecuador to Andes Petroleum Co., a joint venture of Chinese state-owned petroleum companies, for about $1.42 billion.

The sale, announced Tuesday, is one of a series as Calgary-based EnCana , one of North America's leading natural gas producers, focuses more on its major holdings in the Rocky Mountains and the Alberta oilsands.

The firm said the Ecuador deal is expected to close before year-end, subject to approval by the government of Ecuador and other conditions.

''This planned sale marks essentially the final step in sharpening the focus on our unparalleled portfolio of unconventional natural gas and oil resources in North America,'' CEO Gwyn Morgan said in a release.


ResourceInvestor

[phantom power]

1. That's nice. China will own our debt AND our oil.

[muriel_volestrangler]

2. You're Ecuadorean? (n/t)

[phantom power]

3. Nyet. "our" oil was code for "Oil America is currently dependent on"

As in, China is going to control oil supplies, and a big chunk of our debt. Which are both problems we ought to do something about, or they will have us by the balls.

[bemildred]

4. LOL.

:applause: