You can forget Brion - ATH is taking a bath!You can forget Brion as a buyer for STP, they won't even pay for what they've already got!
Former head of PetroChina’s Canadian subsidiary arrested in China: report
CALGARY — Zhiming Li, the PetroChina executive who until recently was responsible for the Chinese company’s operations in Canada, has been arrested in China, according to a report from Beijing.
Mr. Li, who headed PetroChina’s Brion Energy Corp. subsidiary based in Calgary, was taken in for questioning directly at the airport, according to Caixin.com, a Beijing-based media group specializing in financial information.
As reported in the Financial Post July 10, Mr. Li was unexpectedly replaced as head of Brion, which runs PetroChina’s assets in Canada, and the company appointed an interim leader.
The Caixin.com report is adding further uncertainty over whether Brion will make good on a $1.23-billion payment owed to Athabasca Oil Corp. that was expected to be handed over at the end of last month.
China’s major oil companies have been targeted in a sweeping corruption probe that has resulted in many arrests.
Shares of Athabasca oil were down more than 5% in morning trading in Toronto on the news.
There is no deadline for PetroChina to hand over the cash, other than it is obligated by a contract to do it in a reasonable timeframe. Athabasca needs the money to fund other parts of its business and finalize joint ventures on its Duvernay tight oil play.