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    Wednesday, September 23, 2009     FOLLOW UPDATES ON TWITTER

    Libya buys Canada oil major after China withdraws bid

    WASHINGTON — Libya is set to purchase a Canadian energy major.   

    Verenex Energy has agreed to a Libyan offer of nearly $300 million in wake of troubles by the Canadian company.

    Under the agreement the state-owned Libyan Investment Authority would pay 314 million Canadian dollars [$294 million], or 7.09 Canadian dollars [$6.64] per share.

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    Executives said the Libyan offer was less than that offered by China's state-owned CNPC International in early 2009. In September CNPC withdrew from its bid to purchase Verenex.

    In March 2009, Tripoli blocked a CNPC bid to purchase Verenex, Middle East Newsline reported. The Canadian firm has been operating Area 47, said to contain 2.15 billion barrels of crude oil.

    In June, Libya's state-owned National Oil Corp. said Verenex acquired Area 47 through an improper bidding process.  

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