PetroChina Eyeing Canadian Oil Sand Resources
PTR | Quote | Chart | News | PowerRating -- PetroChina Co., Ltd. (SHSE: 601857; NYSE: PTR; SEHK: 0857), one of China's three leading oil producers, lately acquired a 60% interest in two Canadian oil sand projects for USD 1.7 billion.
The two projects, separately named Mackay River and Dover, are situated in northeast Alberta, Canada, with a daily output of up to 500,000 barrels. They are under the control of Athabasca Oil Sands Corporation (AOSC).
The AOSC Board Chairman Bill Gallacher says that the strategic cooperative agreement with PetroChina will provide abundant money for exploitation of the two projects, which are difficult to raise capitals on traditional stock markets.
Canada is rich in oil sands, which are easy to exploit. So, the US and India show a great interest in the country's oil sand reserves. Currently, companies from Japan, France, Netherlands and Norway are engaged in local exploitation.
However, the US is likely to give up the opportunity to China, because the former has a weakening demand for petroleum. Moreover, it is brewing regulations to limit greenhouse gas emissions.
Source: www.163.com (September 21, 2009)
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