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PetroChina to Seal Takeover of Athabasca Oil Sands Project by September

Posted August 05, 2014

Under Economic Issues

(Charlie Zhu – Reuters)

State oil giant PetroChina plans to pay the more than $1-billion it needs to complete a takeover of the Dover oil sands project from Canadian firm Athabasca Oil Corp. by the end of September, a person with knowledge of the deal told Reuters.

PetroChina was supposed to complete the acquisition of Athabasca Oil’s 40% stake in the project in June, but delayed the payment while it reassessed the deal amid a government-led corruption probe into the Chinese national oil company, the person said. Read more here.