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49

PetroChina confirms its commitment in the Canadian oil sands

PetroChina Co, China's largest listed oil producer by capacity, said Thursday it has completed the C$1.9 billion acquisition of a 60% interest in two oil sands projects of Canada's Athabasca Oil Sands Corp.

 

PetroChina Co, China's largest listed oil producer by capacity, said Thursday it has completed the C$1.9 billion acquisition of a 60% interest in two oil sands projects of Canada's Athabasca Oil Sands Corp. PetroChina said both the Canadian and Chinese governments had approved the deal.

 

Closely held Athabasca Oil Sands Corp. chose PetroChina as its joint-venture partner in September after the Canadian company realized it would be difficult to finance its MacKay River and Dover oil sands projects in Alberta via equity markets.

Source : Dow Jones Newswires