PETROCHINA became the first Chinese state-owned firm to wholly own a Canadian oil sands development after agreeing on Tuesday to buy out its partner's stake in a newly approved project for C$680 million (US$674 million).

Calgary-based Athabasca Oil Sands Corp said it exercised an option to sell its 40 percent interest in the MacKay River project in northern Alberta to PetroChina so it could free up money to focus on some of its other oil sands and light crude projects.

After the project won regulatory approval last week, the partners had 30 days to decide to exercise put and call options on Athabasca's stake. They have a similar deal with a larger, nearby project that's still awaiting regulatory nod.

PetroChina may start work this month at MacKay River.

Source:shanghaidaily