PetroChina/Shell

PetroChina to buy stake in Shell LNG project

PetroChina plans to buy a 20% stake in a Shell liquid natural gas property in Canada for more than $1 billion.
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Photo: AFP
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Word on the street is that PetroChina, China’s biggest oil-and-gas producer and distributor, plans to pay slightly more than $1 billion for a 20% stake in a Shell shale gas property in Canada.

For PetroChina to purchase Shell’s Groundbirch operations, located in British Columbia, the companies need approval from both nations, which appears to be in place.

This is not only the latest in a series of Chinese investments in natural gas resources companies, but also the latest pair-up between PetroChina and Shell. PetroChina is the listed arm of state-owned China National Petroleum Corporation, which has been working with Shell for some time....

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