China’s biggest oil company is on its way to the oilsands region. In a statement released yesterday, Minister of Industry Tony Clement announced that he had approved an application by PetroChina to acquire control of the MacKay and Dover Oil Sands projects. The $1.9 billion dollar deal would make PetroChina the majority stake holder in the two sites northwest of Fort McMurray.
When making the announcement Clement said that he believes the deal will be of benefit to Canada. “To successfully compete in a globalized economy, we need to attract international investment, which can create jobs, raise our level of competition, and develop Canada’s long-term economic prospects.” Clement said in a statement. “Our future prosperity relies on open markets and two-way trade and investment flows that will benefit Canada and Canadians.After a thorough review of the individual merits of this transaction, I have concluded that it will benefit Canada.”
See also past posts on PetroChina.