PetroChina to buy Canadian natural gas assets at $5.4 billion

NetEase Finance February 10, according to the PetroChina website February 10, Canada's largest gas producer, Canadian energy Company (EnCana) announced today agreed to sell Cutbank Ridge 50% stake in gas assets to CNPC's subsidiary, the transaction price of 5.4 billion Canadian dollars (　　$5.44 billion).　　According to PetroChina's press release, the two sides will increase development efforts through joint ventures to boost natural gas production by investing 50% per cent of each investment. The asset includes 1.3 million acres of exploration and development production blocks, about 700 million cubic feet of natural gas processing capacity per day, 3,400 km of pipelines and an underground gas storage tank.　　In the early stages, Canadian energy company will continue to undertake joint venture projects and be responsible for the sales of related products. "PetroChina has been seeking opportunities to work with major Canadian oil and gas companies for many years, including LNG and oil sands in Canada and business opportunities in China," he said. PetroChina hopes the partnership will be an important platform for entering the high-end market in North America.　　PetroChina said.　　The 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 government departments in China and Canada. PetroChina's H shares closed at HK $10.54 in Wednesday, up 7.66% per cent in the past one months.