Nuoxin strikes it rich with Alaskan in­vest­ment

China Daily (USA) - - BUSINESS - By ZHENG XIN zhengxin@chi­

It was no co­in­ci­dence that Tian­jin-based in­vest­ment com­pany Nuoxin Co Ltd de­cided to make its first over­seas en­ergy in­vest­ment in the US state of Alaska, said Yang Yu­bin, pres­i­dent of Nuoxin.

Nuoxin is now the largest shareholder in­NordAq En­ergy Ince, the owner of Smith Bay on the west­ern North Slope of Alaska, where an oil­field with up to 6 bil­lion bar­rels of oil was re­cently dis­cov­ered.

“Our in­vest­ment in this re­mote in­let wasNuoxin’s first en­ergy in­vest­ment abroad,” said Yang.

“As a glob­ally im­por­tant oil and gas pro­duc­ing area, Alaska has al­ways been the fo­cus of en­ergy in­vestors around the world.”

Caelus En­ergy, the ex­plorer of the Smith Bay project, an­nounced last month that it had made a new off­shore oil dis­cov­ery in Alaska that could be­come one of the largest finds in the state’s his­tory.

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