Deals
PetroChina Pays $1.2 Billion for Alberta Shale Energy Stake
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PetroChina Co. agreed to pay Encana Corp. C$1.18 billion ($1.2 billion) for a 49.9 percent stake in an Alberta shale formation as Asia’s biggest oil producer steps up acquisitions of overseas oil and gas assets.
PetroChina will also pay C$1 billion over four years to fund development of the project, Encana said in a statement yesterday. The accord follows Beijing-based PetroChina’s agreement this week to pay $1.63 billion for a stake in the Browse liquefied natural gas venture in Australia.