PetroChina Buys 50% Stake In Encana Corp.’s Cutbank Ridge

PetroChina Co. (PTR) , the country’s biggest energy producer, agreed to buy a 50% stake in Encana Corp.’s Cutbank Ridge gas assets for C$5.4 billion ($5.4 billion) in its largest overseas acquisition. The purchase of PetroChina’s first gas asset in North America would take energy acquisitions by Chinese companies to about $46 billion since last year as they compete with South Korean and Indian rivals for resources. – Bloomberg