Canada in energy deals with China
Source: Agencies |
February 9, 2012, Thursday
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Print Edition
Print Edition
China and Canada agreed yesterday to boost bilateral investment and promote energy exports to China as Ottawa seeks to diversify its oil sales.
Chinese Premier Wen Jiabao and Canadian Prime Minister Stephen Harper signed the agreements in Beijing's Great Hall of the People.
Harper arrived on Tuesday with a 40-strong delegation of Canadian business leaders in a bid to ramp up exports and reduce Canada's reliance on the huge United States market.
He was aiming to push oil sales and make closer economic ties following US President Barack Obama's rejection of a pipeline carrying Canadian oil across the continental US.
"The agreements being signed today, in such a wide range of areas, are further testimony that we are taking relations to the next level and further strengthening our strategic partnership," he said in a statement.
Harper is particularly keen to increase exports of oil, citing the need to diversify from the United States. The US market currently absorbs 97 percent of Canadian oil exports.
"Diversifying our markets is a key priority for Canada," Harper told Wen as the two leaders held talks before signing the deals.
"We look forward to expanding our cooperation in any important areas, including energy, natural resources, tourism and education."
Wen said: "China is ready to expand imports of energy and resource products from Canada and enhance cooperation in clean and renewable energy, energy-saving, environmental protection, and the peaceful use of nuclear energy."
The two nations also signed an extension of a memorandum of understanding on energy issues covering oil, gas and nuclear energy as well as trade and investment.
The agreements include a deal that Canadian officials said should allow the immediate resumption of beef and tallow exports, which China halted in 2003 after Canada discovered a case of mad cow disease.
The two sides also wrapped up 18 years of negotiations on a foreign investment promotion and protection agreement, but gave few details. Other agreements included promoting science and technology cooperation, student exchange programs and natural resource development.
Harper spent part of his first full day in China selling Canada as a holiday destination to China's rapidly growing number of tourists.
He spoke at a tourism marketing office in Beijing, surrounded by Chinese wearing cowboy hats - a bid to promote the Calgary Stampede, which marks its centennial this summer.
Harper is due to meet President Hu Jintao today before heading to Guangzhou, the manufacturing center in southern China, to speak to business people there.
Chinese state-owned companies have invested more than US$16 billion in Canadian energy in the past two years and hope to gain steady supplies to fuel the country's booming economy.
State-controlled Sinopec has a stake in a proposed Canadian pipeline to the Pacific Ocean that would boost Chinese investment in Alberta oil sands.
Overall trade between the two countries surged to almost US$50 billion in 2011, according to official Chinese figures.
Chinese Premier Wen Jiabao and Canadian Prime Minister Stephen Harper signed the agreements in Beijing's Great Hall of the People.
Harper arrived on Tuesday with a 40-strong delegation of Canadian business leaders in a bid to ramp up exports and reduce Canada's reliance on the huge United States market.
He was aiming to push oil sales and make closer economic ties following US President Barack Obama's rejection of a pipeline carrying Canadian oil across the continental US.
"The agreements being signed today, in such a wide range of areas, are further testimony that we are taking relations to the next level and further strengthening our strategic partnership," he said in a statement.
Harper is particularly keen to increase exports of oil, citing the need to diversify from the United States. The US market currently absorbs 97 percent of Canadian oil exports.
"Diversifying our markets is a key priority for Canada," Harper told Wen as the two leaders held talks before signing the deals.
"We look forward to expanding our cooperation in any important areas, including energy, natural resources, tourism and education."
Wen said: "China is ready to expand imports of energy and resource products from Canada and enhance cooperation in clean and renewable energy, energy-saving, environmental protection, and the peaceful use of nuclear energy."
The two nations also signed an extension of a memorandum of understanding on energy issues covering oil, gas and nuclear energy as well as trade and investment.
The agreements include a deal that Canadian officials said should allow the immediate resumption of beef and tallow exports, which China halted in 2003 after Canada discovered a case of mad cow disease.
The two sides also wrapped up 18 years of negotiations on a foreign investment promotion and protection agreement, but gave few details. Other agreements included promoting science and technology cooperation, student exchange programs and natural resource development.
Harper spent part of his first full day in China selling Canada as a holiday destination to China's rapidly growing number of tourists.
He spoke at a tourism marketing office in Beijing, surrounded by Chinese wearing cowboy hats - a bid to promote the Calgary Stampede, which marks its centennial this summer.
Harper is due to meet President Hu Jintao today before heading to Guangzhou, the manufacturing center in southern China, to speak to business people there.
Chinese state-owned companies have invested more than US$16 billion in Canadian energy in the past two years and hope to gain steady supplies to fuel the country's booming economy.
State-controlled Sinopec has a stake in a proposed Canadian pipeline to the Pacific Ocean that would boost Chinese investment in Alberta oil sands.
Overall trade between the two countries surged to almost US$50 billion in 2011, according to official Chinese figures.
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