Athabasca, PetroChina finalize JV on Canadian oil sands projects

Athabasca Oil Sands Corp. (AOSC) is pleased to announce that, having received all necessary approvals from the governments of Canada and the People's Republic of China, it has closed the transaction with PetroChina International Investment Company Limited, a wholly-owned subsidiary of PetroChina Company Limited

The agreement divests a 60 percent working interest in AOSC's MacKay River and Dover oil sands projects for a consideration of Cdn $1.9 billion. The projects are located in the centre of the Athabasca area in northeastern Alberta and AOSC and PetroChina International intend to use common in-situ methods to develop their oil sands projects.

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