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Wednesday, February 9, 2011

PetroChina pays C$5.4 bln for Encana gas stake, (TSE: ECA)

Encana Corp (ECA.TO) said on Wednesday it will sell half of a prolific British Columbia shale gas project to PetroChina O857.HK for C$5.4 billion ($5.45 billion), the largest Chinese investment in a Canadian energy asset. Following nine months of talks, Encana and PetroChina agreed to form a 50-50 joint venture to develop the lands. ($1=$0.99 Canadian) (Reporting by Jeffrey Jones; editing by Peter Galloway)

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