PetroChina Wins Approval for $1.8 Billion Canadian Acquisition

Dec. 30 (Bloomberg) — PetroChina Co. won the approval of the Canadian government for its C$1.9 billion ($1.8 billion) bid to buy a stake in two Alberta oil-sands projects, its biggest North American acquisition.

The purchase by China’s largest oil company of a 60 percent share in Athabasca Oil Sands Corp.’s MacKay River and Dover oil- sands projects “is likely to be of net benefit to Canada,” Industry Minister Tony Clement said in a statement yesterday.

Chinese oil companies have spent at least $13 billion on overseas assets since December last year as they take advantage of lower valuations caused by the economic slowdown. PetroChina has said it plans to boost acquisitions after paying at least $3.6 billion this year to buy Singapore Petroleum Corp., a stake in a Nippon Oil Corp. plant and a venture in Kazakhstan...

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA