PetroChina acquires oil sands stake
PetroChina has paid C$1.9 billion for a 60% interest in two projects in the Athabasca Oils Sands in Alberta, Canada.
The deal, announced yesterday, will give the Chinese oil company a stake in Athabasca Oil Sands Corp's (AOSC's) MacKay River and Dover oil sands projects. The sites are located in the centre of the Athabasca area in northeastern Alberta and have been independently assessed to contain approximately five billion barrels of best case contingent bitumen resource.
"Oil sands projects are very capital-intensive, long-term investments and difficult to fully finance in the traditional equity market,"
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