25 August 2010 - 15 Elul 5770 - ט"ו אלול ה' אלפים תש"ע
Li Ka-shing interested in Israel’s Oil-Sands technology Print E-mail

Hong Kong billionaire Li Kashing expressed his interest in investing in Israeli technology companies specialising in oilsands and water technologies.

Li’s Hutchison Whampoa Ltd. is keen to invest in oilsands technology that limits environmental pollution, the billionaire told Israeli Finance Minister Yuval Steinitz in a meeting in Hong Kong.

Husky Energy Inc., controlled by Li, which is an oil exploration and refining company, will step up development of its oil-sands business as crude prices rise amid the global economic recovery.

Its Sunrise Oil Sands Project may yield at least 3.7 billion barrels of oil. The Calgary, Canada-based company will extract heavy oil from tar-like sand with BP Plc and turn it into synthetic crude for refining into fuels.

Li, who has interests in property, ports and telecommunications, is also keen to invest in water-technology companies, according to the Finance Minstry. Israel is a leader in the development of water technologies and it expects exports of about US$2.5 billion annually by 2011.

The interest to invest comes less than a year after Li’s Hutchison Telecommunications International Ltd. sold its 51.3% stake in Israeli telecom operator Partner Communications Ltd. for about US$1.4 billion to Scailex Corporation Ltd.

Li is the richest man in East Asia and the world’s 14th-richest person with a net worth of US$21 billion, Forbes magazine said in March. His companies make up about 15% of the Hong Kong stock market’s total capitalisation.

(Issue June 2010)

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