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PetroChina buys entire Alberta oilsands project

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PetroChina buys entire Alberta oilsands project - Business - CBC News

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.

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.

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.
 
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.

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.

Nothing new really. China is on a world-wide shopping trip for oil and gas. Thats where you get maxumum returns.

Energy companies are funneling billions of dollars into the booming business of U.S. shale drilling. They are investing euros, yuan and krone, too.
Chinese corporation Sinopec and French company Total this week became the latest in a string of foreign firms to announce big bets on the resurgence of U.S. fossil fuel production.
International energy companies are signing billion-dollar deals with U.S. firms to reap the financial benefits of their oil fields and siphon knowledge from their experience in extracting petroleum from dense shale rock to carry the skills overseas.




International players jump at U.S. shale - Houston Chronicle
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I'd be interested to know what the shale prospects are in China and indeed in all of Asia. That and water rights might determine where future wars are fought.

I must say that it is very heartening that U.S. oil production is fixin' to ramp up to where we need not import anymore foreign oil, and indeed resume being a net oil exporter as we once were.
 
I absolutely agree. And as a Unificationist, I find globalizing Canadian interests to be as distressing as globalizing American ones.
 
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.

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.


The majority of oil sands projects are owned by North American companies. Suncor and Syncrude are NA owned companies. Royal Dutch Shell has a larger operation, Eni has one. The Alberta Athabasca operation is a smaller one compared to the operations of Suncor and Syncrude. Having a foreign company own a small resource play is not an issue when we have sold off majority stakes and entire companies to foreign companies in the mining business (Nickel specifically)
 
does this effect Calgary at all?
,

Not to any real degree currently

The first effect will be decision making for major capital projects will be made out of China, so the current CEO and board may go or see some pay cuts

Future wise it means probable higher investments in that project one that has been seen trouble raising capital (oil sands is a very expensive extraction and purification process).
 
And we need more clean coal power plants.
 
Maybe now the US will get serious about getting off oil and moving toward a renewable energy source we can make in-house.

The handwriting has been on the wall for decades - Jimmy Carter saw it back in the 1970s and tried to implement a plan to avert the US being hostage to countries that control oil. The oil industry was not having it and started contributing heavily to political campaigns creating a second mess we are still dealing with today.
 
We put 10% ethanol in the nations gas supply. That should fix this whole situation up.
 
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.

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.

President Obama was told directly and in very clear terms by the Canadian PM a couple of months ago that if the Americans did not build the Keystone pipeline that Canadian oil would be sold to the Chinese. The United States was given every opportunity to get in on it it but could not make a timely decision. It had stalled for years, cost Canadians billions, and then Obama delayed approval further until after the next election.

There are many foreign companies operating in Canada, American among them, but Canadians get royalties on ever barrel brought out of the ground. Who runs them and gains the profits, while following strict environmental laws, is less important than getting those royalties.

Personally I'd rather see that oil heading south to American refineries though the Keystone Pipeline and providing a secure source of oil, as well as 20,000 American jobs. But in a national moment of light-headed foolishness the American people voted in a schmuck as a president. They had better seek out those "alternative sources of energy" real quick. Maybe China will lend the Obama Administration more money to keep looking.
 
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.

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.

Allowing another to control your most critical resources is never clever. Of course, a lot of people complaining about China's "unfair trade" practices are really just angry they can't apply a similar arithmetic to China's critical resources like has been done in places like Nigeria.
 
Maybe now the US will get serious about getting off oil and moving toward a renewable energy source we can make in-house.

The handwriting has been on the wall for decades - Jimmy Carter saw it back in the 1970s and tried to implement a plan to avert the US being hostage to countries that control oil. The oil industry was not having it and started contributing heavily to political campaigns creating a second mess we are still dealing with today.

It's called coal and natural gas.

We have a couple hundred years worth.
 
Oil is a dwindling resource. I have long believed that the US has been playing the long con, so that when the rest of the world ran out of oil, we'd be the only game in town.

In the land of the blind, the one eyed man has all the oil that's left. We've been planning for the end-game all along.
 
Allowing another to control your most critical resources is never clever.

But the Chinese will not control the resources. There many foreign investors involved in Canada, just as their are in many other nations, but all of this is quite controlled with a great many restrictions and regulations. All it does really is make China's supply more secure.
 
Oil is a dwindling resource. I have long believed that the US has been playing the long con, so that when the rest of the world ran out of oil, we'd be the only game in town.

In the land of the blind, the one eyed man has all the oil that's left. We've been planning for the end-game all along.

I can't see any clear advantage in this scenario. What would be the point?

There is also the risk that other countries will have then moved on to new technologies while the US has the market cornered on the equivalent of whale oil.
 
There is also the risk that other countries will have then moved on to new technologies while the US has the market cornered on the equivalent of whale oil.

Well that is true of course, but according to some on the right investing in alternative energy is "socialism".

So I dunno.

(and before you get super serious, I'm of course being somewhat sarcastic).
 

Perhaps more coal for industry is also in America's "special interest". More energy in all its forms as well though also being aware of societal impacts.

It's amazing how American's have come to divide themselves into "special interests" groups, a hollow phrase with little meaning but one with sinister conspiratorial implications that has somehow struck a chord among many on the Left
 
Perhaps more coal for industry is also in America's "special interest". More energy in all its forms as well though also being aware of societal impacts.

It's amazing how American's have come to divide themselves into "special interests" groups, a hollow phrase with little meaning but one with sinister conspiratorial implications that has somehow struck a chord among many on the Left

Then you have one hell of a weird notion of what the left is. Dwight Eisenhower warned us about the Military-Industrial complex before he left office. I guess that makes him a hippie commie too, right? LOL.
 
Then you have one hell of a weird notion of what the left is. Dwight Eisenhower warned us about the Military-Industrial complex before he left office. I guess that makes him a hippie commie too, right? LOL.

I wouldn't worry about it Dan, Grant sees the world through very special glasses. I will not be ordering a pair of them myself.
 
I wouldn't worry about it Dan, Grant sees the world through very special glasses. I will not be ordering a pair of them myself.

Are you talking about those special glasses with black lenses? Actually, those are called blinders.

Here is how to use them - If someone disagrees with you:

1) But on special glasses.

2) Put your fingers in your ears.

3) Close your eyes, just in case the glasses break.

4) Call whoever disagrees with you "One o' dem evul Leebruls".

5) And don't forget to add a Rush Limbaugh talking point, while you are ranting about those dirty hippie commies. :mrgreen:
 
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This is just great. One more step towards being under the thumb of a communist super giant. We are already their lap dogs, soon to be their bioches. I dont think America even has the will to try to get out from under it. We are perfectly content continuing to borrow money from them, and living off the crumbs from the masters table. We should be drilling all over that region. Alaska should be a porcupine of drilling rigs right now. Instead be allow out economy to crumble because of the exorbitant rise of petroleum prices. If there is ONE thing that could curb the rise of inflation, and calm the troubled waters of out economy, it would be turning inward to our own sources of oil. If the price of gas were to drop back to even $1 a gallon (which would not be hard), EVERY SINGLE COMMODITY in the country would drop with it. I cant think of anything that isnt in some way dependant on the price of oil. Whether it be shipping costs, or the petroleum used in its manufacture. Every facet of our lives depends on oil. And yet are almost completely dependent on outside countries for it.
 
Nothing new really. China is on a world-wide shopping trip for oil and gas. Thats where you get maxumum returns.

What better way to get out of debt to them, than to buy up all the oil rights we can and then sell the oil to china at the inflated rates they charge us for everything? That, and impose the same importing taxes on their imports that they do on our exports.
 
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