February 02, 2012, 11:40 AM EST
By Bloomberg News
Feb. 3 (Bloomberg) — PetroChina Co., the countrys biggest energy producer, boosted ties with Royal Dutch Shell Plc after agreeing to buy a 20 percent stake in its Groundbirch shale-gas project in Canada.
Shell will remain the operator of the project, Mao Zefeng, the Beijing-based senior assistant secretary to PetroChinas board, said by telephone yesterday. He declined to give the value of the transaction.
PetroChina plans to pay more than $1 billion for a stake in the Groundbirch property, Hong Kong-based FinanceAsia reported on its website, without saying where it got the information. Shell and PetroChinas parent agreed in June 2011 to increase cooperation in energy exploration in China, estimated to hold the worlds largest reserves of shale gas. read more
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