21 June 2011 16:19 [Source: ICIS news]
TORONTO (ICIS)--Canadian energy firm Encana has ended talks with PetroChina on a planned $5.5bn (€3.9bn) shale gas joint venture in western ?xml:namespace>
The companies had announced in February that PetroChina was to take a 50% stake in Encana’s Cutbank Ridge shale gas assets in
Encana added it would look for another partner or partners for Cutbank Ridge.
Canadian commentators said the cancellation of the PetroChina deal may come as a relief for the federal government.
If the government had approved the deal it would have been accused of selling strategic assets to foreigners; if it had blocked the deal, critics would have charged it with discouraging foreign investment, commentators said.
($1 = €0.70)
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