PetroChina bid falls through

PetroChina Co. called off a $5.5 billion deal with Encana that would have given it a 50 per cent stake in a large reserve of natural gas being developed in northern Alberta and British Columbia, the Wall Street Journal reported. Encana had agreed to sell PetroChina half of its share in the gas fields earlier this year, but the two sides could not come to terms. The deal would have marked one of China's largest investments in Canada.

Published: Wednesday, 06/22/2011 12:00 am EDT

PetroChina Co. called off a $5.5 billion deal with Encana that would have given it a 50 per cent stake in a large reserve of natural gas being developed in northern Alberta and British Columbia, the Wall Street Journal reported. Encana had agreed to sell PetroChina half of its share in the gas fields earlier this year, but the two sides could not come to terms. The deal would have marked one of China's largest investments in Canada.

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