PetroChina acquires stakes in Canadian oil sands (Dealscape

PetroChina Co. Ltd. agreed Monday to buy stakes in the Canadian oil sands for C$1.9 billion ($1.7 billion), increasing the foreign ownership in the world's largest oil reserve in a democratic country.

The Chinese state-owned company is buying 60% of the MacKay River and Dover oil sands projects in northeastern Alberta from privately held Athabasca Oil Sands Corp. The Calgary, Alberta, seller said an independent valuation suggests the assets have up to 5 billion barrels of bitumen, a tar-like substance obtained from the distillation of crude oil.

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NOT A SUBSCRIBER? PetroChina acquires stakes in Canadian oil sands Posted on September 1, 2009 1:34 PM PetroChina Co. Ltd. agreed Monday to buy stakes in the Canadian oil sands for C$1.9 billion ($1.7 billion), increasing the foreign ownership in the world's largest oil reserve in a democratic country. The Chinese state-owned company is buying 60% of the MacKay River and Dover oil sands projects in northeastern Alberta from privately held Athabasca Oil Sands Corp. The Calgary, Alberta, seller said an independent valuation suggests the assets have up to 5 billion barrels of bitumen, a tar-like substance obtained from the distillation of crude oil. This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence. Dig deeper, with Pipeline. 843 in-depth reports of &A deals in the Energy sector 400 company pages related to Oil 88 articles related to PetroChina Co. Ltd. 75 articles related to Canadian oil sands 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Birds Eye Cadbury AG Agrium Inc. Skadden Arps Revolution Money Tandberg ASA Aisling Capital Ken Lewis Natco		EXISTING USERS Username Password Forget your password? Missing a product?

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