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PetroChina nodded to acquire oil sands project in Canada

Feb. 23, 2012 (China Knowledge) - PetroChina Co Ltd<601857><0857>, China's largest oil producer, has received approval from the country's National Development and Reform Commission to acquire a 40% stake in the MacKay River oil sands project in Canada from Athabasca Oil Sands Corp, according to the website of NDRC.

Upon the completion of the acquisition, the Chinese oil giant will hold entire equity of the oil sands project.

In January, Athabasca Oil Sands said it was selling the 40% stake in the same project, located in Alberta, Canada, to PetroChina for C$680 million, after it sold a 60% stake to the Chinese firm for C$1.9 billion in 2010.

Earlier this month, PetroChina completed an acquisition of a 20% stake in the Groundbirch shale gas project, also located in Canada. A person familiar with the matter said PetroChina paid more than US$1 billion for the deal.

China National Petroleum Corp, parent co of PetroChina, is planning to build a 200,000-square meter logistics hub in Dubai in the event of geopolitical risks in the Middle East and North Africa, sources reported.

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