The Financial Post reports in its Friday edition PetroChina says it will soon pay Canadian energy firm Athabasca Oil more than $1-billion for a 40-per-cent share of the Dover oil sands project.
The unbylined item says answering a question at an earnings briefing Thursday, PetroChina vice-chairman and president Wang Dongjin said in Hong Kong, "It (the payment) will be made soon."
Shares in Athabasca surged to $7.69 after the opening bell Thursday, closing the day at $7.59, up 18 cents.
Investors have been concerned the $1.23-billion (U.S.) payment would not be made.
Sources told the Post that PetroChina was seeking to reduce the amount owed because it believed the assets are of poorer quality than expected.
PetroChina was supposed to have completed the acquisition in June, but delayed payment amid the government-led corruption investigation into the Chinese company.
The investigation, part of a nationwide anti-corruption campaign led by Chinese President Xi Jinping, is still continuing and there are no signs it will end soon.
Meanwhile, PetroChina posted a 15-per-cent rise in second-quarter profit, partly due to higher upstream earnings and improved refining margins.
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