PetroChina invests $5.4 billion in Canada JV

PetroChina becomes the latest Asian company to invest in oil sands, shelling out $5.4 billion in a joint venture with Canada's Encana.

PetroChina will invest C$5.4 billion $5.4 billion for a 50% stake in natural gas assets owned by Encana in the largest investment by a Chinese company in Canada.

Barclays Capital is representing the Chinese state-owned enterprise, which is one of the largest oil and gas companies in the world, on the investment. The deal, which was struck on Wednesday, is the result of more than nine months of discussion between the two parties. In June last year PetroChina and Encana signed a memorandum of understanding at the G20 meeting in Canada, which gave PetroChina a six-month exclusivity. The MOU was wide-ranging and some of the intervening period was spent deciding...

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