China takes big stake in Alberta oilsands

The state-owned China National Petroleum Corp. (CNPC) has bought a major chunk of land in Alberta's oilsands region.

CNPC's purchase isn't the first foray by a Chinese company into the Alberta oilsands. China-based Sinopec owns 40 per cent of the Northern Lights oilsands project.

Other foreign companies have also bought into the oilsands. Norway's state-owned oil company, Statoil ASA, announced last April it wouldspend $2.2 billion to acquire major oilsands leases inthe Athabasca region around Fort McMurray.