Seeking Alpha

PetroChina says $1.23B payment to Athabasca will be made soon

  • Athabasca Oil (OTCPK:ATHOF +3.2%) jumps after PetroChina (PTR -1.9%) President Wang Dongjin says the long-delayed $1.23B payment for its stake in the Dover oil sands project will be made soon.
  • PTR was supposed to have completed the acquisition in June, but delayed payment amid the Chinese government's corruption investigation into the company; PTR also was said to want to reduce the amount owed because it believed the assets are of poorer quality than expected.
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