Athabasca Oil might be getting over 1.3-billion dollars from PetroChina sooner rather than later.
Shares have dropped as Athabasca’s deal to sell 40% of its undeveloped Dover project to PetroChina has been in question since April.
Athabasca has said it needs the money to develop its Duvernay shale, a project it’s still looking for partners on.
Along with PetroChina, other state-based Chinese companies have held back from oil sands funding.
Sunshine Oil Sands has been unsuccessful is securing financing for its West Ells project from China Investment Corp.
However, PetroChina’s parent company says it’s committed to completing the purchase with Athabasca.
