Business · Energy & Commodities · 1 hr ago
Li Ka-shing’s business group deepens its exposure to Canadian oil
Cenovus Energy agreed to buy Canadian oil producer Athabasca Oil in a deal valued at C$5.7 billion.
CK Hutchison Holdings and a trust founded by Hong Kong billionaire Li Ka-shing together hold about 29 per cent of Cenovus.
Cenovus is the Li family business group’s main investment in oil.
The purchase adds to its oil holdings less than a year after Cenovus completed an C$8.6 billion acquisition of MEG Energy.
The expansion comes as global investment increasingly flows towards clean energy and artificial intelligence.
Analysts see oil as a possible buffer against geopolitical risks and a source of steady cash flow.
The deal deepens the group’s position in Canadian oil, though the sources do not state what happens next.
CK Hutchison Holdings and a trust founded by Li Ka-shing together hold roughly 29 per cent of Canadian oil producer Cenovus Energy.
Cenovus agreed on October 5 to acquire Canadian oil firm Athabasca Oil in a deal valued at C$5.7 billion.
The deal adds to the Li family business group’s exposure to the oil sector, after Cenovus bought MEG Energy for C$8.6 billion less than a year earlier.
Analysts see the group’s oil investments as a buffer against geopolitical risks and a source of steady cash flow.
- Who
- Cenovus Energy, in which CK Hutchison Holdings and a trust founded by Li Ka-shing together hold roughly 29 per cent.
- What
- Cenovus agreed to acquire Athabasca Oil in a deal valued at C$5.7 billion.
- When
- October 5. The article was published on October 15, 2026.
- Where
- Canada.
- Why
- Analysts see the investment as a buffer against geopolitical risks and a play for steady cash flow.
This story does not have two clearly opposing sides.
Cenovus closed its C$8.6 billion purchase of Canadian oil sands producer MEG Energy.
Cenovus agreed to acquire Athabasca Oil in a deal valued at C$5.7 billion.
- Cenovus stake
- CK Hutchison Holdings and a trust founded by Li together hold roughly 29 per cent.
- Athabasca deal value
- C$5.7 billion.
- Agreement date
- October 5.
- MEG Energy purchase
- C$8.6 billion.
- MEG purchase timing
- Less than a year before Cenovus agreed to acquire Athabasca Oil.