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OTTAWA - Ottawa has given its blessing to the sale of properties
6 j$ U. P. k1 n! i I. N, [owned by Athabasca Oil Sands Corp. to a Chinese company.
0 p9 M Y; b# b( I0 ^ Federal Industry Minister Tony Clement says he has reviewed the$ l8 B, B, x* v2 g: E; U1 ~. D9 {/ l
deal between Athabasca and PetroChina International Investment Co.8 r8 k( T% V. w' T3 O k. B
Ltd. and finds its is likely to be of net benefit to Canada.9 P1 O( w6 e3 K
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ m/ g1 Z' V3 g) @2 }2 F& H) hmade a number of significant commitments should they be allowed to0 d' y; `) ?/ ]# u
acquire control of the MacKay and Dover oil sands projects.3 u, C: D2 L: m, @
Among other things, the Chinese concerns have agreed to capital
6 W0 a, M* R) o E# _8 t% Z3 d8 m! Uexpenditures in excess of $250 million for developing the properties& f- k: d x8 Y9 l0 c; T
over the next three years.8 u& Q. G. ?6 f# K% E i' b
They have also pledged to increase employment levels in Canada as1 F( m# H1 q% F6 L5 p
they develop the projects over the next three years and to maintain7 k- Y. C$ `& i4 ?
an Alberta head office for operating companies associated with the
- I- n' N8 m5 l" c( w" Z: J0 Nprojects for the next five years.2 b+ |, i1 K) X& Z% L
(The Canadian Press) |
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