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PetroChina takes $1.9-billion stake in oil sands
Financial Post ^ | 2009-08-31 | Carrie Tait

Posted on 08/31/2009 11:46:49 AM PDT by Clive

CALGARY -- China has used its significant financial firepower to once again wiggle its way into Canada's oil sands, home to the largest source of crude outside Saudi Arabia.

PetroChina International Investment Company Ltd. has struck a deal to buy a 60% working interest in Athabasca Oil Sands Corp.'s MacKay River and Dover oil sands projects for $1.9-billion, as well as "certain financing arrangements" for AOSC.

"Oil sands projects are very capital-intensive long-term investments and difficult to fully finance in the traditional equity market," said Bill Gallacher, AOSC's chairman said in a statement. "AOSC therefore decided to look for joint venture partners, and these strategic joint venture arrangements with PetroChina, one of the world's largest energy companies, can ensure that the MacKay River and Dover projects will be developed in timely manner."

The pair will use in-situ extraction methods rather than mining techniques. "[PetroChina's] field developments, operational methods, heavy-oil experience and research facilities are world class, and as a partner they will bring these very valuable attributes to the MacKay River and Dover projects in Alberta," he said of his new majority partner.

Oil sands players such as Suncor Energy Inc.'s Rick George believe the federal government would be willing to block outright takeovers of Canada's oil sands outfits using its regulatory powers such as the Investment Canada Act.

More to come ..


TOPICS: Breaking News; Business/Economy; Canada; Foreign Affairs
KEYWORDS: alberta; canada; china; energy; oil; oilsands; petrochina
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1 posted on 08/31/2009 11:46:50 AM PDT by Clive
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To: exg; Alberta's Child; albertabound; AntiKev; backhoe; Byron_the_Aussie; Cannoneer No. 4; ...

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2 posted on 08/31/2009 11:47:24 AM PDT by Clive
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To: Clive
Fifty four forty or fight!
3 posted on 08/31/2009 11:49:27 AM PDT by HuntsvilleTxVeteran ((B.?) Hussein (Obama?Soetoro?Dunham?) Change America Will Die From.)
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To: Clive

The Chinese have gotten smart after the Unocal fiasco. Partnerships.


4 posted on 08/31/2009 11:52:25 AM PDT by spyone (ridiculum)
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To: Clive

Boxing us in. Chicoms drilling to the south and now scraping to the north. While the dems and eco-nazis stop anything domestic!!!! Not to mention, Zero giving Brazil and Soros $2 Billion to drill off of the coast of Brazil.


5 posted on 08/31/2009 11:53:13 AM PDT by Road Warrior ‘04 (I'll miss President Bush greatly! Palin in 2012! The "other" Jim Thompson)
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To: Clive

While our malfeasant Congress full of liars and sociopaths dithers and grovels before the eco-Nazis, oil resources are being purchased by the Chinese literally on our northern and southern borders.

This is like watching a slow-motion suicide.


6 posted on 08/31/2009 11:53:56 AM PDT by angkor (The U.S. Congress is at war with America.)
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To: angkor

China will own Pemex outright by 2015


7 posted on 08/31/2009 11:55:42 AM PDT by xcamel (The urge to save humanity is always a false front for the urge to rule it. - H. L. Mencken)
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To: Clive

Not only have the Chinese made moves worldwide to secure their energy needs for the next 50 years, they have also made similar partnerships to secure their base metal and ore needs.

Beijing Communists outsmart Washington so-called Capitalists.


8 posted on 08/31/2009 12:02:03 PM PDT by Erik Latranyi (Too many conservatives urge retreat when the war of politics doesn't go their way.)
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To: Bushbacker1

It’s like that movie, ‘There will be Blood’.

“It’s called drainage...”


9 posted on 08/31/2009 12:03:22 PM PDT by AlmaKing
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To: HuntsvilleTxVeteran
Ever since Obama got elected, The US left has been sending really clear messages that they don't want our dirty oil.

Besides harassing tactics originating in the US i n the guise of environmentalism and climate change activism the United States congress has never let an opportunity go by to add protectionism clauses into every piece of legislation that it can, despite clear treaties to the contrary.

Obama himself wants NAFTA abrogated and the actions of his tame congress and politburo have come knife edge close to actuak abrogation. NAFTA guarantees US consumers equality with Canadians in respect to any access to Canadian energy supplies in the event of shortages.

If we offer a product, reserve its supply to our best customer and said best customer starts to turn his nose up at it, perhaps we can find other customers.

BTW, the Canadia National Railways has developed techniques for unit train transport of crude oil to anywhere that trains will go, including Arctic, Hudson's Bay and west coast ports.

Hell, you people don't even want Alaska oil. Or Gulf of Mexico or California offshore oil, or even your own shale deposits.

But your bankers will help develop South American and African oil.

10 posted on 08/31/2009 12:05:51 PM PDT by Clive
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To: Bushbacker1

We shut down our industry and sent them our jobs. We gave them all our money for cheap toxic junk. Now they are buying up the world with what was once our wealth.


11 posted on 08/31/2009 12:09:55 PM PDT by henkster (The frog has noticed the increase in water temperature)
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To: angkor
Not a suicide, a murder, by the radicals with whom Obama plighted his future way back in his years. He has promoted ex-prison inmate avowed communists as green jobs czar, a Weather Underground terrorist has been embraced as partial source for writing the Stimulus and TARP bills, a pro-deathcult euthanasia worshipper has been appointed as science czar and an admirer of Chavez has been placed into the directorship/czar of radio fairness. That is just a few, very small portion, of the radical associations the muslim affirmative action fraud-in-chief has brought into power in Washington.

We are witnessing a murder of the old Republic, being swept away with the pirate John Roberts' blessing, to be replaced with the fascist federal oligarchy Obama is building as we breath.

12 posted on 08/31/2009 12:15:59 PM PDT by MHGinTN (Believing they cannot be deceived, they cannot be convinced when they are deceived.)
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To: henkster
Exactly!

No wonder so many business folks in this country are learning Cantonese. It will be our future language.

13 posted on 08/31/2009 12:17:43 PM PDT by wolfcreek (http://www.youtube.com/watch?v=Lsd7DGqVSIc)
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To: Bushbacker1
"Zero giving Brazil and Soros $2 Billion"

China has $10 billion in that project.

I'll recap the first round funding for that project.

$13.3 billion---Brazil Development Bank
$10 billion-----China Development Bank
$6.5 billion----International Banks
$2 billion------US ExIm Bank

14 posted on 08/31/2009 12:20:18 PM PDT by Ben Ficklin
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To: Bushbacker1

They’ve also been busy in Africa oil drilling for over 20 years.


15 posted on 08/31/2009 12:40:41 PM PDT by Lorianne
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To: Clive
"Hell, you people don't even want Alaska oil. Or Gulf of Mexico or California offshore oil, or even your own shale deposits."

C'mon, Clive, tell 'em what you really think!

We Canadians have our socialist problems, and Americans have their socialist problems. At this point in time, the Canadian problems seem a lot smaller - the Trudeaupian state has lost some lustre in recent years, whereas the US seems entranced by the power and might of Washington.

16 posted on 08/31/2009 12:41:27 PM PDT by headsonpikes (Genocide is the highest sacrament of socialism - "Who-whom?")
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To: Ben Ficklin
China has $10 billion in that project.

GM to form China venture, invest $293 million...

17 posted on 08/31/2009 1:01:09 PM PDT by kcvl
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To: Erik Latranyi

The Chinese is now more Capitalist than the bureacrats in Washington.


18 posted on 08/31/2009 1:37:33 PM PDT by MinorityRepublican
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To: spyone

The Chinese learn from their mistakes.


19 posted on 08/31/2009 1:42:22 PM PDT by Niuhuru (The internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: wolfcreek
http://movies.yahoo.com/movie/contributor/1800018724/photo/970460761 我是他的未婚妻!
20 posted on 08/31/2009 1:47:10 PM PDT by Niuhuru (The internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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