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Barely two years since the national outcry over China’s aggressive push into Canada’s oil patch, some of the major acquisitions are looking messy to hopeless.

Instead of reaping the rewards of their first big step out into a free market oil industry, Chinese investors seem more focused on cutting costs and bailing out. Scores of executives have been fired for failing to deliver.

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Some blame Ottawa’s more restrictive foreign ownership rules for the subsequent Chinese investment chill. But China’s increasingly sour mood has more to do with bitterness over the high prices paid, frustrations with long timelines to turn resources into production and Canada’s difficult operating environment. One senior Chinese investor said there were expectations that operating in Canada would be easy once federal government approval was obtained.

The change in mood is having an impact. Among the companies feeling the brunt is Athabasca Oil Corp., which is awaiting a $1.23-billion payout from PetroChina after the Calgary-based company exercised a put option to sell its remaining stake in the Dover oil sands project.