PetroChina Strikes Deal for Alberta Oil Sands Project

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.

www.ctv.ca...

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.

The USA has plenty of untapped oil to keep it running. I think this deal will be good for Canada and china.

the only sick part about the alberta oil sands is that it is considered in the top 3 proven oil reserves in the world, yet the people of canada pay european gasoline prices.

the other top 10 oil producing nations pay literally a few cents for gasoline.

i wouldn't be surprised if the people of china pay less for gas than canadians with their oil.

maybe if all the gasoline retailers and refiners in canada weren't american corporations canadians would be able to afford to travel freely.

even petro canada, set up for canadians by pierre trudeau, (the greatest prime minister canada has ever produced)
to protect canadian oil interests has been sold off to american interests by feeble minded wimps we call politicans in canada.

reply to post by LonelyGuy


If it produces more jobs and income for all the provinces, then I'm okay with it.

There are a few things that worry me, but that's natural.

In my opinion, this is letting our guard down just a little. If were going to continue using petro, we should build our own refineries. That's what would be best for Canadians.

Shipping our Oil to China and USA for refining, is good for big oil, not Canadians

Originally posted by Corruption Exposed
reply to post by LonelyGuy

 

If it produces more jobs and income for all the provinces, then I'm okay with it.

There are a few things that worry me, but that's natural.

In my opinion, this is letting our guard down just a little. If were going to continue using petro, we should build our own refineries. That's what would be best for Canadians.

Shipping our Oil to China and USA for refining, is good for big oil, not Canadians

Maybe this is happening because it to make sure that China stay out off the next war.

www.abovetopsecret.com...

I have friends in Cranbrook and they work at the open pit Coal mines and they told me all, not some but all the coal gets shipped to China from all the mines down there. All the resources they can get their hands on they do .