Regulatory approval prompts $1.32B deal after a year of delays
CALGARY — Athabasca Oil Corp. says it is selling its 40 per cent stake in the proposed 250,000-barrel-per-day Dover oilsands project to partner PetroChina for $1.32 billion.
The much-anticipated sale, conditional on final regulatory approval of the project, will give the Chinese national oil company its second 100 per cent owned thermal oilsands project in northeastern Alberta.
“It’s something we have expected for a long time,” said Sveinung Svarte, president and chief executive of Athabasca, in an interview. “You never know the exact date so when it comes, you feel happy it’s done and you can start planning your real business forward,”