Chinese Firm to Buy Alberta Oil & Gas Asset

Brookfield Business Partners LP has sold one of its oil and gas holdings in Alberta to SanLing Energy Ltd., according to reports today in The Globe and Mail. Brookfield reportedly announced the sale of Insignia Energy Ltd. last month in a quarterly letter to shareholders. Neither the buyer nor the purchase price were disclosed, but The Globe and Mail reports that sources say the buyer was SanLing, one of a handful of private Chinese companies that have collectively pumped more than $3-billion into primarily distressed assets through the current oil and gas industry slump.

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