- Feb 10, 2005
- Reaction score
- Montgomery, Al
PetroChina Buys Oil-Sands Project
Wall Street Journal | EDWARD WELSCH
CALGARY—Athabasca Oil Sands Corp. said it was selling a 40% stake in one of its oil-sands prospects to PetroChina Co., a move that for the first time will give full ownership of such a project to a Chinese company.
Athabasca is selling its remaining interest in the MacKay River project in northern Alberta to PetroChina for C$680 million, or US$666 million. In 2010, Athabasca sold 60% stakes in MacKay and a separate development, Dover, to PetroChina for C$1.9 billion. …
Canada holds the world's third-largest reserves of oil. Most of those are oil-sands—essentially a mix of bitumen and quartz sand—located in the western Canadian province of Alberta. Oil-sands output has grown quickly, and Alberta and Canadian officials have sought out new markets.
That has particularly been the case after the U.S. State Department late last year delayed a decision on a pipeline proposed to carry oil from Alberta to the U.S. Gulf Coast.
The government of Prime Minister Stephen Harper has said it would actively market its oil to Asian buyers, including China. The Canadian government has said it backs the construction of another pipeline running from Alberta to the Pacific, where oil could be loaded onto tankers bound for Asia. …
(Excerpt) Read more at online.wsj.com ...