Hong Kong billionaire Li Ka-shing may invest in Israeli oil-sands companies to expand his interests in energy production.

Li's Hutchison Whampoa Ltd is keen to invest in oil-sands technology that limits environmental pollution, the billionaire told Israel's finance minister, Yuval Steinitz, in a meeting in Hong Kong today.

Husky Energy Inc, controlled by Li, will step up development of its oil-sands business as crude prices rise amid the global economic recovery, Hong Kong's richest man said in March. Steinitz told Li he will see "whether there are Israeli solutions on the subject," according to a statement from the finance ministry.

"Li expressed his appreciation of Israel's technology," the Finance Ministry said.

Husky said in January the first phase of its Sunrise Oil Sands Project may yield at least 3.7 billion barrels of oil. The Calgary, Canada-based company, in collaboration with BP Plc, will extract heavy oil from tar-like sand 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 Ministry. Hans Leung, a Hong Kong-based spokesman at Hutchison, declined to comment.

The interest to invest comes less than a year after Li's Hutchison Telecommunications International Ltd sold its 51 percent stake in Israel's Partner Communications Ltd for about $1.4 billion in October.

Li is the world's 14th-richest person with wealth of $21 billion, Forbes magazine said in March.

Bloomberg News

(HK Edition 05/05/2010 page2)