PetroChina Deals with AOSC      

PetroChina International Investment Company Ltd., a wholly-owned subsidiary of PetroChina Company Ltd. (SH: 601857, HK: 0857), has entered into a series of agreements with Canadian Athabasca Oil Sands Corp. (AOSC), pursuant to which PetroChina will acquire a 60% working interest in AOSC's MacKay River and Dover oil sands projects for a consideration of Cdn $1.9 billion (US$1.7 billion). The agreements also involve certain financing arrangement for AOSC.
   The projects are located in the center of the Athabasca area in northeastern Alberta and have been independently assessed to contain approximately 5 billion barrels of best case contingent bitumen resource.
   PetroChina operates a number of heavy-oil projects using sophisticated technologies in northeastern China. With joint venture partnership, PetroChina International and AOSC intend to use common in-situ methods to develop oil sands projects.
   The deal is subject to approval by regulatory authorities.