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CALGARY - In a blockbuster deal, privately owned Athabasca Oil Sands Corp. said PetroChina International Investment Company Limited will buy a majority stake in its operations for $1.9-billion, marking the largest venture by China in the Canadian oilsands to date.
Athabasca Oil Sands said the state-owned company will acquire a 60 per cent working interest in its MacKay River and Dover oil sands projects, which have yet to be developed.
The Calgary-based company fied approval for the two projects with provincial regulators and intends to file an application for the first 35,000-barrel per
Enbridge Inc. could apply late this year for federal approval of a new oil pipeline connecting Edmonton to a new marine terminal in Kitimat, B. C., Scotiabank said Thursday in its monthly commodities report.
And Scotiabank commodities specialist Patricia Mohr said developing new export markets in Asia is vital if Canada is to fully exploit the economic advantage of owning the world's second-largest oil reserves.
Originally posted by red_leader
Does anybody remember the debacle when a Chinese contractor collapsed a tank at CNRL Horizon? 3 people died and when the RCMP came to investigate they were denied entry to the plantsite. The incident was proven to be caused by poor work practices, in fact the system they used to construct the tank was outdated entirely.
China's growing appetite for energy and need to secure supply likely will see more involvement in Canada through supply arrangement with major oilsands producers, and deals with transportation companies such as Enbridge, Pendill noted.
The pipeline giant appears to be dusting off its Northern Gateway project, a two-line system from the heart of Alberta's oilsands to Kitimat, B. C., that was shelved in 2006 after the market--including China --grew cold to the idea.
In a blockbuster deal, privately owned Athabasca Oil Sands Corp. said PetroChina International Investment Co. Ltd. will buy a majority stake in its operations for $1.9 billion, marking the largest venture by China in the Canadian oilsands to date
The two in-situ projects sit on approximately five billion barrels of bitumen that have yet to be developed, and are part of Athabasca's almost 10 billion barrels of bitumen reserves.
The play is one of the largest in the Athabasca region:about 121,400 hectares.
The Calgary-based company said the projects, which it will continue to operate, will cost between$15 billion and$20 billion to develop.
Commercial oil could flow by 2014, with subsequent phases reaching a total 150,000 barrels per day production.
Previous Chinese Investments In The Oilsands - Earlier this year, China Investment Corp. invested $1.5b us in mining giant teck resources ltd., giving it a 17.2 per cent interest in the company. Teck holds a 20 per cent interest in the Fort Hills oilsands project owned by Suncor Canada (previously Petro-Canada). - Sinopec took its stake in the proposed 100,000¦ barrels-per-day northern lights project in april from 40 per cent to 50 per cent in a deal for which the value wasn't announced. It had paid Synenco Energy $105 million for the stake in 2005. Total bought in the spring of 2008 for $480 million. theChinThenationa loversea soil Co. bou ghta 16.7 per cent interest in meg energy, a private company proposing a thermal oilsands project, in 2005 for $150 million.
An Indian band on the British Columbia coast has raised concerns about a proposed new northern pipeline and tanker port that is now under federal review.
In a letter to the Canadian Environmental Assessment Agency and Enbridge Inc., the Haisla First Nation expresses objections to the plan for a new twin pipeline system from near Edmonton to a marine terminal in Kitimat.
The proposed project, being jointly proposed by Enbridge Inc. and Enbridge Northern Gateway Project, would export petroleum from and import condensate to the oil fields in northern Alberta.
VANCOUVER, Dec. 14, 2005 – Kitimat LNG and the Haisla First Nation today announced they have signed an Agreement in Principle for the company’s proposed LNG import and regasification terminal.
The Agreement in Principle removes a major hurdle to the project moving forward, says Rosemary Boulton, the company’s president.
The proposed “Northern Gateway Project” is once again being considered, it is still in the very early stages and the process itself is under review. Kitamaat Village Council is presently keeping an arms length approach until the rules of engagement with both levels of government are established.