Report: PetroChina to complete takeover of Athabasca oil project by September

|About: PetroChina Company Limited (PTR)|By:, SA News Editor

PetroChina (NYSE:PTR) plans to pay the more than $1B it needs to complete a takeover of the Dover oil sands project from Athabasca Oil (OTCPK:ATHOF) by the end of September, Reuters reports.

PetroChina was supposed to complete the acquisition of Athabasca Oil's 40% stake in the project in June, but delayed the payment while it re-evaluated the transaction amid a government-led corruption probe into the Chinese national oil company.

Athabasca Oil shares fell last week after it said it was still trying to collect the C$1.23B payment owed to it by a unit of PetroChina.