Yanchang Petro to buy Canadian energy company

Updated: 2013-09-05 16:46

By BAO CHANG (chinadaily.com.cn)

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Hong Kong-listed Yanchang Petroleum International Ltd is planning to spend C$230 million ($219.37 million) on acquiring Canadian Novus Energy Inc to deepen its global presence.

The main oil and gas assets of Novus are located in Saskatchewan and Alberta. The oil and gas output of the company for the first half of the year totaled 3,057 million barrels.

Investing in petroleum, natural gas and other energy sectors, Yanchang Petro is China's fourth-largest oil exploration enterprise. At present, the company owns two oil assets in Madagascar, Africa. For the first half of the year, Yanchang Petro earned profits of HK$13.2 million, compared with a loss of HK$54.12 million ($6.98 million) for the same period last year.