posted on Jan, 3 2012 @ 02:59 PM
I don't think the White House is going to like this announcement, especially since the U.S. gets a lot of it's oil from the Alberta Oil Sands. I
have even heard speculation of an oil pipeline from Canada to China. Imagine that project, it would be massive.
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.
Please forgive me if the source updates and edits the story a little, they tend to do this often at CTV.
China has been systematically snatching up resources all over the world, even in North America. When I say resources, I mean every thing.
How much money does the United States owe China?
How much Canadian business is Canada going to allow China to purchase?
I'm tired of the price of everything going up all the time, I have a feeling this announcement may cause some panic with the oil futures.