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


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.

Comments (1)
  • 27975573
    , contributor
    Comments (394) | Send Message
     
    With PetroChina payment; Athabasca (OTCPK:ATHOF) and it's pick & shovel little
    sister Athabasca Minerals (OTCPK:ABCAF) can move forward.

     

    By the way: (OTCPK:ABCAF) has frac sand as well.
    With China money in hand; growth charges ahead once again.

     

    Getting long..er on (OTCPK:ABCAF).
    4 Aug 2014, 11:36 AM Reply Like
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