OREANDA-NEWS. January 12, 2012. PetroChina is buying the remaining 40 percent stake in the MacKay River Oilsands project, owned by Calgary-based Athabasca Oil Sands Corp.

Athabasca announced the sale on Jan. 3, only a couple of weeks after the Alberta Energy Resources Conservation Board and Alberta Environment and Water approved the project.

Investment Canada approved an initial joint venture between the two companies in August 2009.

That deal consisted of PetroChina buying 60 per cent of Athabasca’s Dover and MacKay River projects.

The agreement allows either side to buy the remaining stake in either project, so Investment Canada doesn’t need to grant further approvals. This is the first oilsands project completely owned by a Chinese company. PetroChina is China’s largest state-owned energy firm.