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China's oil sands push
PetroChina has staked China's claim to Canada's oil sands, providing local developers with an export alternative to the US market, writes Derek Brower
"THREAT to the new energy economy," reads the strapline on literature from the Dirty Oil Network, a coalition of environmental groups opposed to Canada's oil sands and the US' use of them. China does not agree. At the end of August, one of its state-controlled companies, PetroChina, bought a 60% stake in two new oil-sands projects, paying Athabasca Oil Sands (AOSC) C$1.9bn ($1.7bn) for control of the MacKay River and Dover developments. The two AOSC properties could eventually produce around 0.5m barrels a day (b/d), based on 5bn barrels of reserves. AOSC has not set a schedule for development of the oil. Previously, the company was planning to export its bitumen to refineries in the US Midwest, where demand for Canadian heavy crude is expected to reach 2m b/d by 2015. The company says it would consider other ...Click here to continue reading China's oil sands push
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