Released on May 19, 2010
Talks this week between the Government of Saskatchewan and the China National Petroleum Corporation (CNPC) led to the initialling of a new Memorandum of Understanding on exploring opportunities for Chinese investment in Saskatchewan's oil, natural gas and clean energy technology sectors.
The new agreement triggers a CNPC visit to Saskatchewan to evaluate opportunities in carbon capture, enhanced oil recovery and shale gas extraction.
"This unexpected but very positive development has been the highlight of our three-city trade mission so far," Premier Brad Wall said. "It is proof positive that China has a very high level of interest in forming partnerships and investing in Saskatchewan and a sign of great things to come. We are a world leader in carbon capture and sequestration technology, so is CNPC. It is very appropriate that we work together for the mutual benefit of all."
The Memorandum of Understanding was initialled today by Yiwu Song, Vice President of CNPC International Limited and Doug Moen, the highest ranking Saskatchewan public servant, who is also a part of this trade mission.
It's anticipated a final agreement will be signed in Canada later this spring.
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For more information, contact:
Ian Hanna
Executive Council
Cell: 306-530-3177