In September, AOSC entered into a series of agreements with PetroChina pursuant to which PetroChina would acquire a 60% working interest in AOSC’s MacKay River and Dover oil sands projects for a consideration of C$1.9 billion. (Earlier post.)

PetroChina has made a number of commitments, including the following:

• To make capital expenditures in excess of $250 million for its share of development expenses for the MacKay and Dover oil sands projects over the next three years;

• To increase employment levels in Canada for the development of the MacKay and Dover oil sands projects over the next three years;

• To maintain an Alberta head office for the operating companies associated with these oil sands projects for the next five years;

• That following AOSC's term as contract operator of the MacKay and Dover oil sands projects, PetroChina will ensure a majority of Canadians are in senior management positions of the operating companies associated with these projects and will further ensure that the operating companies associated with these projects remain organized under the laws of Canada or the laws of a Canadian;

• The Investor will work with AOSC to identify opportunities to apply PetroChina’s technological expertise to enhance the productivity and efficiency of the MacKay and Dover oil sands projects and to optimize the field development of the projects; and

• That PetroChina Company Limited is a publicly traded company, and will not voluntarily delist from the New York Stock Exchange and the Stock Exchange of Hong Kong Limited without a substituted listing on another designated major stock exchange during the period in which the Investor controls the MacKay and Dover oil sands projects.