PetroChina plans to buy gas assets from Canadian energy company

PetroChina (601857) announced 10th that it has signed a cooperation agreement with Canadian energy companies through its subsidiaries to acquire 5.4 billion Canadian dollars in 50% of Canada's natural gas assets.　　The agreement is signed by PetroChina International Investment Co., Ltd. and the Canadian energy company, which is the Canadian energy company located in the majestic region of British Columbia, Prov. and Alberta, Prov., Canada. The assets include 1.3 million acres of exploration and development production blocks, about 700 million cubic feet of natural gas processing capacity per day, 3400 km of pipelines and 1 underground gas storage. According to the agreement, the two sides will invest 50% of the investment ratio, through joint ventures to increase development efforts to upgrade natural gas production. In the early stages, Canadian energy company will continue to undertake joint venture projects and be responsible for the sales of related products.　　The joint venture project will operate under the direction of the Joint Management Committee. The Canadian energy company is the leading gas producer in North America, whose shares are traded in Toronto and New York. Landy Arisman, president and chief executive of the company, said the signing of the agreement was the result of a 9-month consultation between PetroChina and Canadian energy companies, and was an important achievement and milestone in the process of developing cooperation between the two sides.　　Through this joint venture, PetroChina has joined the development of resources to accelerate project development, to take advantage of more investment, and to improve operational efficiency through technological advances and more defined long-term development plans. PetroChina International Investment Co., Ltd. said that PetroChina in the global oil and gas exploration production, engineering design and oilfield services have a comprehensive advantage, Canadian energy companies in the field of unconventional gas development has a strong advantage. Through strong alliances, this joint venture will create good value returns for both shareholders, enhance the competitiveness of the Canadian natural gas industry, and promote economic growth and employment opportunities in Canada and China. PetroChina has been seeking opportunities to work with major Canadian oil and gas companies over the years, including LNG and oil sands in Canada and business opportunities in China, the official said.　　It is hoped that this cooperation project will become an important platform for PetroChina to enter the high-end market in North America. It is understood that the completion of this transaction will depend on the completion of due diligence, the signing of the joint venture agreement, the approval of the company's board of directors and the approval of relevant departments of the Chinese and Canadian governments.