PetroChina is pulling out of a US$3.8 billion Alberta to British Columbia pipeline project that would have supplied crude oil to China from Canada’s oil sands.
Yiwu Song, vice president of China National Petroleum Corp., PetroChina’s parent company, said the company was tired of the lack of Canadian government and producer support for their business, and was dropping the project.
“The environment is not comfortable. We tried to come here and we can’t,” Song was quoted as saying. “We sincerely wanted to do something and open up a new market for Canadian crude but Canada doesn’t want to open up its own markets to us. So we cannot cooperate, and I really don’t know how to help.”
Song said that while PetroChina has no interest in pursuing its interest in the Gateway pipeline project for now, the company did “still carry some hope that this might happen (in the future).”