PetroChina to acquire 50% stake in Encana for $5.44 bln
EnCana Chief Financial Officer Brian Ferguson (R) watches President and Chief Executive Officer Randy Eresman announce that EnCana, Canada's largest energy company, will be split into two energy companies in Calgary May 11, 2008. EnCana Corp said on Sunday it plans to split into two separate oil and natural gas firms in an effort to wring out more value with crude prices at record highs. EnCana, a $65 billion producer formed in a merger six years ago, said the new oil firm will operate its Alberta oil sands and U.S. refining assets, which it runs as part of a joint venture with ConocoPhillips. It will also encompass Canadian plains natural gas assets. REUTERS

China’s oil giant, PetroChina Company Limited (NYSE:PTR), received notice of an investigation from a U.S. court on after being alerted to suspicion that former and current heads of the company may have violated U.S. security regulations, Reuters reported Tuesday.

An overseas shareholder filed the complaint with the U.S. District Court for the Southern District of New York against ex-Chairman Jiang Jiemin, current Chairman Zhou Jiping, former Chief Financial Officer Zhou Mingchun and current CFO Yu Yibo.

PetroChina, which is involved in a major corruption investigation by Chinese authorities, said it's are unaware of amounts related to the complaint.

Back in September PetroChina was hit by a U.S. class action law suit for failing to disclose a graft probe and misleading investors by failing to disclose it was being proved for corruption

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