Canada extends review of PetroChina-Encana deal

CALGARY, Alberta (Reuters) – Canada’s Industry Department said on Friday it has extended the review of PetroChina’s (601857.SS: Quote, Profile, Research) $5.4 billion purchase of shale gas assets from Encana Corp (ECA.TO: Quote, Profile, Research) by 30 days, saying such moves are not unusual.

Industry Minister Tony Clement had been expected to go beyond the initial 45-day review period due to the campaign for the May 2 federal election. The review is to determine if the deal has a net benefit to Canada.

“The minister will take the time necessary to do a thorough review of this investment proposal,” the department said in a statement.

(Reporting by Jeffrey Jones and David Ljunggren; editing by Rob Wilson)

Canada extends review of PetroChina-Encana deal