With $2.3 Billion Deal, Thailand Joins Asian Rush For Canadian Oil Sands

Thailand last week joined the crush of Asian countries rushing to acquire a stake in Canada's giant oil sands projects when its PTT Exploration & Production Public Co. Ltd. (OTC ADR: PEXNY ) agreed to buy 40% of Statoil ASA's (NYSE ADR: STO ) Canadian oil sands project for $2.3 billion. PTTEP, the exploration and production unit of state-owned PTT PCL , is making Thailand's first foray into Canada's oil sands, the largest source of crude oil outside the Middle East. Norway's Statoil will keep majority ownership and remain the primary operator in the Kai Kos Dehseh project in northern Alberta, which it bought in 2007, according to the deal announced on Tuesday.