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CALGARY — Athabasca Oil Sands Corp. has decided to sell its remaining 40 per cent stake in the MacKay River oilsands project to joint-venture partner PetroChina, giving a Chinese oil giant full control of an oilsands asset for the first time.
Calgary-based Athabasca (TSX:ATH) said Tuesday it would exercise a put option -- an exit strategy, of sorts -- that was included in a 2009 deal to sell 60 per cent of the MacKay River and Dover oilsands projects to PetroChina for $1.9 billion.
Chinese companies have been snapping up resource assets around the world to secure future supplies of energy, minerals and other raw materials for the country's rapidly growing economy.
In Canada so far, Chinese state-owned outfits PetroChina, Sinopec, and China National Offshore Oil Co. have preferred to take non-operating stakes in energy projects, relying on their Canadian partners' technical expertise to develop the resource.
Originally posted by Corruption Exposed
reply to post by LonelyGuy
If it produces more jobs and income for all the provinces, then I'm okay with it.
There are a few things that worry me, but that's natural.
In my opinion, this is letting our guard down just a little. If were going to continue using petro, we should build our own refineries. That's what would be best for Canadians.
Shipping our Oil to China and USA for refining, is good for big oil, not Canadians