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PetroChina buys into Canadian oil sands
By Ding Yining |
December 30, 2009, Wednesday
|
Print Edition
Print Edition
PETROCHINA has won approval to buy a stake in two Canadian oil-sands projects in its biggest North American acquisition.
China's largest oil producer will pay US$1.8 billion to buy a 60 percent stake in the MacKay River and Dover oil-sands projects of Athabasca Oil Sands Corp, Canadian Industry Minister Tony Clement said in a statement.
It is the latest move by PetroChina to acquire overseas assets after spending over US$3.6 billion to buy Singapore Petroleum Corp, acquire stakes in a Nippon Oil Corp plant and form a joint venture in Kazakhstan.
Under the deal, PetroChina will provide future financing for AOSC, and its experience in heavy-oil projects in northeastern China could help unlock oil trapped in Alberta sands, the Canadian company said.
PetroChina originally agreed to close the transaction on October 31 after the initial agreement was reached on August 31. Canada-based National Post said on December 19 that government authority was still reviewing the investment.
According to AOSC, the two projects contain an estimated 5 billion barrels of bitumen.
China's largest oil producer will pay US$1.8 billion to buy a 60 percent stake in the MacKay River and Dover oil-sands projects of Athabasca Oil Sands Corp, Canadian Industry Minister Tony Clement said in a statement.
It is the latest move by PetroChina to acquire overseas assets after spending over US$3.6 billion to buy Singapore Petroleum Corp, acquire stakes in a Nippon Oil Corp plant and form a joint venture in Kazakhstan.
Under the deal, PetroChina will provide future financing for AOSC, and its experience in heavy-oil projects in northeastern China could help unlock oil trapped in Alberta sands, the Canadian company said.
PetroChina originally agreed to close the transaction on October 31 after the initial agreement was reached on August 31. Canada-based National Post said on December 19 that government authority was still reviewing the investment.
According to AOSC, the two projects contain an estimated 5 billion barrels of bitumen.
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