PetroChina has agreed to pay C$1.9bn (US$1.7bn) for a majority stake in two oil sands projects in northern Alberta in the latest of several Chinese investments to help develop the world's second-biggest oil reserves.
The two projects, known as Mackay River and Dover, are being developed by Athabasca Oil Sands, a privately held Calgary-based group.
“Oil sands projects are very capital-intensive, long-term investments and difficult to fully finance in the traditional equity market,” Bill Gallacher, Athabasca's chairman said on Monday. “[We] therefore decided to look for joint venture partners.”
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