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Chinese Oil Giant Buys Into Canadian Oil SandsPublished Dec 23rd, 2009
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HONG KONG — With a $1.7 billion deal to acquire a majority stake in Canada’s Athabasca Oil Sands Corp, PetroChina made its biggest investment in Canada, which has the world’s second-largest oil reserves. The oil sands that PetroChina plans to exploit are estimated to contain as many as five billion barrels of reserves.
