Sinopec Pays $2.1B For Canada's Daylight Energy

China's Sinopec SNP, the country's second-largest oil producer and Asia's largest oil refiner, will pay $2.11 billion for Canada's Daylight Energy as part of the Chinese firm's ongoing plan to add international oil and gas assets. Sinopec is offering roughly $10 a share for Daylight, more than double the Canadian firm's closing price on Friday. Chinese companies have been gobbling up Canadian energy assets. inopec paid $4.65 billion last year to buy a stake in Syncrude Canada Ltd., while rival Cnooc CEO on July 20 announced it would spend $2.1 billion to acquire Opti Canada Inc., according to Bloomberg. Last year, PetroChina PTR, China's largest oil company, pledged to spend $60 billion on acquisitions over the next decade in an effort to meet China's soaring domestic demand for oil and natural gas. Other Chinese oil majors such as Sinopec are also expected to be steady buyers of international energy assets in the coming years. Asian buyers may spend $150 billion by 2016 to secure energy resources for their faster-growing economies and targets could include Tullow Oil Plc, Canadian Oil Sands Ltd. and Kosmos Energy KOS according to Sanford C. Bernstein, Bloomberg reported. The bulk of Daylight's production occurs in Western Canada in the provinces of Alberta and British Colombia.