PetroChina to Invest $1.9 Billion in Canadian Oil Sands

SUGAR LAND--October 1, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--PetroChina International Investment Company Limited, a wholly owned subsidiary of PetroChina Company Limited (NYSE:PTR) (Beijing) has entered into a series of agreements with Athabasca Oil Sands Corporation (AOSC) (Calgary, Alberta) in which PetroChina will acquire a 60% working interest in AOSC's MacKay River (formerly Thickwood) and Dover oil sands projects for a consideration of CAD$1.9 billion. Both projects are located in the center of the Athabasca area in northern Alberta. The two projects are believed to have a combined total of approximately 5 billion barrels of best-case contingent bitumen.