tag:blogger.com,1999:blog-63990859505794537212011-07-08T03:10:13.150-07:00virtualserviceshttp://www.blogger.com/profile/02389578851363512761noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-6399085950579453721.post-40956733077385160582009-12-30T10:13:00.000-08:002009-12-30T13:05:13.902-08:00<a href="http://3.bp.blogspot.com/_T6O5WDY9_QY/SzuboWi0-oI/AAAAAAAAABw/NgQd8p2FhoI/s1600-h/RAND-OIL-IMPACT-Report_Page_037.jpg"><img id="BLOGGER_PHOTO_ID_5421097694019254914" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 200px; CURSOR: hand; HEIGHT: 194px" alt="" src="http://3.bp.blogspot.com/_T6O5WDY9_QY/SzuboWi0-oI/AAAAAAAAABw/NgQd8p2FhoI/s200/RAND-OIL-IMPACT-Report_Page_037.jpg" border="0" /></a> By James Rickman, <a href="http://www.sustainablevirtualbiz.com/"><em><strong><span style="color:#ff0000;">SVS </span></strong></em></a><div></div><br /><div>PetroChina International was approved to purchase two oil sands projects of Athabasca Oil Sands Corporation in northeastern Alberta, Canada for $1.8 billion. The go-ahead for the historic energy deal just came from the Canadian government Tuesday.<br /><br /></div><div></div><div>The expected transition is PetroChina's largest acquisition in North America, so far. The deal gives PetroChina International a 60% stake of the Athabasca's MacKay and Dover oil sands deposits. At an estimated 175 billion barrels. The western Canadian province under China's control has the second-largest reserves of oil worldwide now just behind Saudi Arabia.<br /><br />"To successfully compete in a globalized economy, we need to attract international investment, which can create jobs, raise our level of competition, and develop Canada's long-term economic prospects," state by Canadian officials.</div><br /><div><a href="http://www.petrochina.com.cn/Ptr/About_PetroChina/"><strong><span style="color:#ff0000;">PetroChina</span></strong></a> reports the company plans to boost its acquisitions after paying at least $3.6 billion for the year to buy Singapore Petroleum, a stake in a Nippon Oil plant and investment in Kazakhstan. Chinese oil companies have spent at least $13 billion on overseas assets since December last year. </div><div><br />Upstream crude oil assets that are for sale are hard to come by now, especially big ones, so China is moving to buy oil-sands projects. It's part of their strategy to expand overseas and diversify their portfolio and out of the dollar.</div><br /><div>PetroChina needs to provide funding for future extractions of oil sands, according to Athabasca. PetroChina may deploy methods that the company has used in northeastern China heavy-oil projects to unlock oil trapped in the Alberta sands. History shows the development costs for oil sands are relatively high, so it's hard to tell the value of the projects now.</div><div></div><br /><div><strong><span style="color:#ff0000;">About Author<br /></span></strong>Mr. Rickman is a respected analyst, innovative expert in business content, Internet marketing and web development services for over 30-years experience. He is a published author in sustainable industries with several books including <a href="http://www.sustainablevirtualbiz.com/the_book_eight_billion_people" target="_blank" rel="nofollow">Eight Billion People</a>. Mr. Rickman holds advanced business and technical degrees from Boston University. For more information visit : <a href="http://www.sustainablevirtualbiz.com/" target="_blank" rel="nofollow"><strong><span style="color:#ff0000;">http://www.sustainablevirtualbiz.com/</span></strong></a> or call (503) 621-4953. </div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/6399085950579453721-4095673307738516058?l=petrochinaoilsands.blogspot.com' alt='' /></div>virtualserviceshttp://www.blogger.com/profile/02389578851363512761noreply@blogger.com0