China NDRC OKs PetroChina's MacKay River Oil Sands Acquisition

China's National Development and Reform Commission has approved PetroChina Co.'s (PTR) acquisition of the remaining 40% stake in the MacKay River oil-sands project in Canada that it doesn't already own, it said on its website Wednesday.

Athabasca Oil Sands Corp. (ATH.T) said in January that it was selling the stake in the project, located in northern Alberta province, to PetroChina for C$680 million, following up its 2010 sale of 60% to PetroChina for C$1.9 billion.

Chinese oil companies PetroChina, China Petroleum & Chemical Corp. (SPR), known as Sinopec, and Cnooc Ltd. (CEO) have all invested heavily in Canada's oil reserves.

Chinese firms have typically sought to buy minority stakes in overseas projects or companies. But last year, interest in buying whole companies gained pace.

In 2011, Sinopec paid C$2.2 billion for Daylight Energy Ltd., a Canadian conventional oil and natural gas producer. In 2010, it paid $4.65 billion for a stake in the massive Syncrude oil sands project in Alberta. Meanwhile, Cnooc bought the bankrupt oil sands producer OPTI Canada Inc. last year for $2.1 billion.