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Athabasca Oil Sands Corp. has exercised its option to sell its remaining 40 per cent interest in the MacKay River oilsands project to a unit of Chinese oil giant PetroChina for about $680 million.
The deal, announced Tuesday, gives PetroChina full ownership of MacKay River project, one of the newest of northern Alberta's oilsands developments.
It continues a trend that has seen Chinese companies acquire miners, energy producers and other resources companies in Canada and around the world to secure future supplies of minerals, steel, oil and gas and other raw materials for its rapidly growing economy.
Athabasca had sold PetroChina a 60 per cent stake in the project last year.
PetroChina buys entire Alberta oilsands project - Business - CBC News
Canada is the #1 supplier of oil to the United States, and now Canadian oil projects are owned and operated by the Chinese. Gotta love the irony.
I think it's a serious error in judgment for the Canadian government to abandon its "51% Canadian" policy, seeing as how no North American nation owns any stake in the tar sands. I really feel that both the U.S. and Canada are being devoured by foreign interests.
Energy companies are funneling billions of dollars into the booming business of U.S. shale drilling. They are investing euros, yuan and krone, too.
Chinese corporation Sinopec and French company Total this week became the latest in a string of foreign firms to announce big bets on the resurgence of U.S. fossil fuel production.
International energy companies are signing billion-dollar deals with U.S. firms to reap the financial benefits of their oil fields and siphon knowledge from their experience in extracting petroleum from dense shale rock to carry the skills overseas.
PetroChina buys entire Alberta oilsands project - Business - CBC News
Canada is the #1 supplier of oil to the United States, and now Canadian oil projects are owned and operated by the Chinese. Gotta love the irony.
I think it's a serious error in judgment for the Canadian government to abandon its "51% Canadian" policy, seeing as how no North American nation owns any stake in the tar sands. I really feel that both the U.S. and Canada are being devoured by foreign interests.
,does this effect Calgary at all?
PetroChina buys entire Alberta oilsands project - Business - CBC News
Canada is the #1 supplier of oil to the United States, and now Canadian oil projects are owned and operated by the Chinese. Gotta love the irony.
I think it's a serious error in judgment for the Canadian government to abandon its "51% Canadian" policy, seeing as how no North American nation owns any stake in the tar sands. I really feel that both the U.S. and Canada are being devoured by foreign interests.
PetroChina buys entire Alberta oilsands project - Business - CBC News
Canada is the #1 supplier of oil to the United States, and now Canadian oil projects are owned and operated by the Chinese. Gotta love the irony.
I think it's a serious error in judgment for the Canadian government to abandon its "51% Canadian" policy, seeing as how no North American nation owns any stake in the tar sands. I really feel that both the U.S. and Canada are being devoured by foreign interests.
Maybe now the US will get serious about getting off oil and moving toward a renewable energy source we can make in-house.
The handwriting has been on the wall for decades - Jimmy Carter saw it back in the 1970s and tried to implement a plan to avert the US being hostage to countries that control oil. The oil industry was not having it and started contributing heavily to political campaigns creating a second mess we are still dealing with today.
Allowing another to control your most critical resources is never clever.
But the Chinese will not control the resources. There many foreign investors involved in Canada, just as their are in many other nations, but all of this is quite controlled with a great many restrictions and regulations. All it does really is make China's supply more secure.
Oil is a dwindling resource. I have long believed that the US has been playing the long con, so that when the rest of the world ran out of oil, we'd be the only game in town.
In the land of the blind, the one eyed man has all the oil that's left. We've been planning for the end-game all along.
There is also the risk that other countries will have then moved on to new technologies while the US has the market cornered on the equivalent of whale oil.
And we need more clean coal power plants.
The term "clean coal" is an oxymoron. At the present time, it is nothing more than an advertising slogan that is part of a larger campaign, paid for by special interests.
Perhaps more coal for industry is also in America's "special interest". More energy in all its forms as well though also being aware of societal impacts.
It's amazing how American's have come to divide themselves into "special interests" groups, a hollow phrase with little meaning but one with sinister conspiratorial implications that has somehow struck a chord among many on the Left
Then you have one hell of a weird notion of what the left is. Dwight Eisenhower warned us about the Military-Industrial complex before he left office. I guess that makes him a hippie commie too, right? LOL.
I wouldn't worry about it Dan, Grant sees the world through very special glasses. I will not be ordering a pair of them myself.
Nothing new really. China is on a world-wide shopping trip for oil and gas. Thats where you get maxumum returns.
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