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Chinese probe into PetroChina’s Canadian operations deepens

Jul. 18, 2014 6:55 PM ETPetroChina Company Limited (PCCYF) StockATHOF, PCCYFBy: Carl Surran, SA News Editor
  • A corruption probe in China reaches deeper into PetroChina’s (NYSE:PTR) operations in Canada’s oil industry, as a fourth high-ranking company official involved in oil sands deals is now believed to be under investigation.
  • The first three of the executives had frequent dealings with Athabasca Oil (OTCPK:ATHOF), which partnered with PTR in 2010 in a $5B joint venture to develop the MacKay River and Dover oil sands projects.
  • Athabasca is awaiting a $1.23B payment from PTR after it exercised an option to sell its remaining 40% of the Dover project, and ATHOF investors are nervous that PTR will not honor the payment, which was expected by the end of June.

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