PetroChina acquires Shell assets in Canada

PetroChina keeps the deals flowing with another acquisition

PetroChina has stated that they have signed a deal to buy 20 percent of a shale gas project in Canada from Royal Dutch Shell. The deal is one of many in a long list of overseas acquisitions by the Chinese energy firm as China tries to secure energy sources to keep fueling their dynamic economy.

The deal is to purchase 20% of Shell’s Groundbirch assets in Canada, PetroChina declined to make public the value of the deal but industry analysts estimate the value of the deal to be over US$1 billion.