PetroChina buys full stake in oil sands project

TORONTO (AP) — PetroChina, Asia’s largest oil and gas company, is buying the 40 percent interest it didn’t own in the MacKay River oil sands project in Canada for US$673 million.

The deal with Athabasca Oil Sands Corp., announced Tuesday, gives PetroChina full ownership in one of the newest of northern Alberta’s oil sands developments. Athabasca had sold PetroChina a 60 percent stake in the project last year.

China’s state-owned oil companies have invested billions of dollars in exploration or production ventures in Canada, Africa, Latin America and elsewhere.

Industry officials estimate Alberta could yield as much as 175 billion barrels of oil, which would make Canada third only to Saudi Arabia and Venezuela in crude oil reserves.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: