PetroChina takes over Canadian Oil Sands Project

Oil & Natural Gas / Oil (Tar) Sands / Economics

Date posted: 01/03/12

Canadian oil producer Athabasca Oil Sands Corp. has exercised its option to sell its remaining 40 per cent interest in the MacKay River oil sands project to Cretaceous, a unit of Chinese oil giant PetroChina for about C$680 million. The deal, announced this morning, comes less than a week after Alberta regulators approved the planned 150,000-barrel-a-day northern MacKay River project, in Alberta, Canada. With this sale, PetroChina takes full ownership of this development, one of the latest northern Alberta’s oil sands projects, following a growing trend of Chinese companies buying energy producers and miners in Canada and the rest of the world.