If America Doesn't Want Canadian Oil, The Asians Will Step In

I posted something similar not too long ago, but the heading was a bit more limited: "If America doesn't want Canadian oil, China will be more than happy to buy it."

Or something to that effect.

I was too limited. "China" should be replaced with "Asia."

It turns out South Korea (and other Asian countries will follow) has bought into Canadian energy reserves.

The world's largest liquefied natural gas purchaser is buying into a northeastern B.C. shale gas play in a move proponents and observers say promises to accelerate LNG exports to Asia.

Korea Gas Corp. is acquiring a five per cent stake of the Cordova Embayment project from Mitsubishi Corp., the equal joint venture partner of Calgary's Penn West Exploration, in the play.

Mitsubishi said it will transfer one-tenth of its share of the project, through the Japanese firm's Calgary-based subsidiary Cordova Gas Resources Ltd., to Korea Gas (KOGAS), to leverage the Korean firm's weight as the largest global LNG importer in discussions with potential future Japanese buyers of the western Canadian gas.

Note: this is a natural gas play, the exact "stuff" the New York Times says is a scam.