Monday, 17 December 2012

PetroChina agrees $2.2bn Canada gas deal

PetroChina has agreed a deal to buy a 49.9% stake in Canadian firm Encana's natural gas project in Alberta.
According to Ecana, the project contains supplies equivalent to nearly nine billion barrels of oil. State-owned PetroChina, the country's biggest oil and gas producer, will pay $2.2bn for the stake. It is the latest investment in an overseas oil and gas resource by a Chinese firm as companies look to meet growing domestic energy demand.
While investments by state-owned firms that do not involve acquisitions are allowed, Canadian authorities said they were reviewing the details of PetroChina's investment "to determine if it is reviewable under the act".

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