March 2011, Vol. 238 No. 3

Projects

PetroChina Pays $5.4 Billion For Canadian Gas Assets

PetroChina is buying 50% of a prolific shale gas project from Canada’s Encana Corp for $5.4 billion, marking the largest Chinese investment yet in a foreign natural gas asset.

“Not too dissimilar to the CNOOC/Chesapeake deals, the PetroChina/Encana tie-up is another win-win that enables China to acquire quick exposure to the long term shale oil/gas boom in North America,” said Gordon Kwan, an analyst with Mirae Asset Management in Hong Kong.