Chinese media outlets reported an Alberta industrial association called off a partnership with a Chinese private equity fund that would have invested $10 billion in the province’s oil sector..According to the South China Morning Post, Edmonton-based Alberta Industrial Heartland, a not-for-profit arm group to promote heavy industry projects, and Hong Kong-based private equity firm Can-China Global Resource Fund (CCGRF) had announced their partnership in 2016 to encourage investments across North America..“This partnership no longer exists,” Karlee Conway, AIH communications director said in an email response to Reuters. The spokeswoman did not respond to queries on why the partnership was called off and when..Alberta’s Industrial Heartland, also known as Upgrader Alley, is the largest industrial area in Western Canada, comprising 533 square-km of land split between the City of Fort Saskatchewan, Strathcona County, Sturgeon County and Lamont..Indeed, when it was announced, the local FortSaskonline newspaper reported the MOU signing with great fanfare. An item from 2016 touts the region’s “abundant cost competitive feedstocks" for petrochemicals.. Alberta Industrial Heartland signing2016 MOU signing ceremony in Hong Kong (L-R): Rane Han, Head of Operations and Risk, MEC Advisory Limited; Jack Yang, CEO of Can-China Global Resource Fund; Ed Gibbons, Chair of Alberta’s Industrial Heartland Association; Honourable Deron Bilous, Minister of Alberta Economic Development and Trade .According to Reuters, the lead investor of the fund was China's Export-Import Bank, Vancouver-based mining firm Hunter Dickinson and Swiss commodity trader Mercuria. The only known investment was a $750-million buyout of Calgary-based CQ Energy in 2017.The South China Post suggested the partnership went south after Canada arrested Huawei Technologies CFO Meng Wanzhou in 2018 at the request of the United States. .Following Meng's arrest, China detained Michael Kovrig and Michael Spavor — colloquially referred to as “the two Michaels” — after accusing them of spying. They were imprisoned for 1,020 days before they were released in September of 2021.. Two Michaels .A spokesman for the Alberta Energy department said the province continues to have a good relationship with Chinese officials and investors..“Alberta businesses continue to have productive and mutually beneficial trade and business relationships with Chinese firms,” Beni Smith, acting press secretary to Brian Jean said in an emailed statement..“The Alberta Minister of Energy was proud to see active Chinese business participation in Alberta's Global Energy Show just two weeks ago and he had cordial discussions with the Chinese Consul General Gao Xiang at that show.”
