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.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.
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.