PetroChina taps into Canada's energy resources

PetroChina has agreed to pay Encana C$1.18 billion (HK$9.3 billion) for a 49.9 per cent stake in an Alberta, Canada, shale formation as Asia's biggest oil producer steps up acquisitions of overseas energy assets.

PetroChina would also pay C$1 billion over four years to fund development of the project, Encana said yesterday.

The accord follows PetroChina's agreement this week to pay US$1.63 billion for a stake in the Browse liquefied natural gas venture in Australia.

via Business feed http://www.scmp.com/business/commodities/article/1105692/petrochina-taps-canadas-energy-resources