PetroChina snaps up remainder of AOSC's MacKay River project

01/16/2012
China's state-owned PetroChina will be 100% owner of Athabasca Oil Sands Corp.'s MacKay River project at a total price of $2.5 billion (Can.) after paying a further $680 million (Can.) for the remaining 40% of the firm's shares. AOSC said it exercised an option to sell its interest in the MacKay River project in Alberta to PetroChina, which in late 2009 bought a 60% stake for $1.9 billion (Can.) (OGJ, Sept. 7, 2009, Newsletter). Production from the development is slated to start in 2014, with an initial capacity of 35,000 b/d, eventually rising to a top-end output of 150,000 b/d. Canada's government last month gave its stamp of approval for the start of construction. PetroChina's purchase...
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