Canada’s energy industry is getting left behind while foreign countries get richer.
While Canada’s energy industry falls apart (with the latest loss being the shutdown of Calgary-based Houston oil & gas) other oil producing nations are continuing to get rich off oil, and plan to keep raking in the dollars for a long-time to come.
Saudi Arabia is planning the biggest Initial Public Offering of all time, as they are putting their currently state-owned energy giant Saudi Aramco on the market for investors.
And now, China is considering a huge investment.
According to BNN Bloomberg, “Chinese state-owned entities are in talks about investing a combined US$5 billion to US$10 billion in Aramco’s initial public offering, as Saudi Arabia seeks commitments from friendly governments to shore up the record share sale, people with knowledge of the matter said.
The Beijing-based Silk Road Fund is among parties that have been in discussions to buy stock in the offering, according to the people, who asked not to be identified because the information is private. Some other Chinese funds or state-owned enterprises may also join, the people said.
President Xi Jinping has been seeking to increase China’s political clout and revive ancient trading routes under his “One Belt, One Road” initiative. An investment in Aramco would cement ties with Saudi Arabia as well as provide China a way to profit from rising oil prices.”
So, Saudi Arabia is going to get richer, and Communist China is going to “profit from rising oil prices,” while our own Canadian energy industry collapses.
What a damn disgrace.
Photo – YouTube