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OTTAWA - Ottawa has given its blessing to the sale of properties+ k8 l4 w# k" s! l6 t. D
owned by Athabasca Oil Sands Corp. to a Chinese company.
) I4 }: Z: }3 q' R/ D4 j4 R Federal Industry Minister Tony Clement says he has reviewed the
, |2 D8 H, F; B1 F h& A& }deal between Athabasca and PetroChina International Investment Co. h) p8 i9 R/ f) `
Ltd. and finds its is likely to be of net benefit to Canada.9 G, E2 A4 X% c: W* G
Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 V2 I" R8 ~6 P" A0 k& H( G
made a number of significant commitments should they be allowed to
/ D9 J8 e# |+ [acquire control of the MacKay and Dover oil sands projects.8 [6 [) ^& }7 Y. t
Among other things, the Chinese concerns have agreed to capital% m L0 b6 F2 i
expenditures in excess of $250 million for developing the properties1 [5 Y' k) [, [+ o# }" [+ I ]/ w- L: D9 X
over the next three years.
9 g6 P7 V+ S2 w They have also pledged to increase employment levels in Canada as- q+ |& l- \1 B* A# k7 O
they develop the projects over the next three years and to maintain6 d; \/ B: ~7 g
an Alberta head office for operating companies associated with the/ Y5 X0 e0 L3 }$ e7 c$ k" [4 O9 f
projects for the next five years.
2 W ~0 O& p# ^* P1 G$ H' Q$ v (The Canadian Press) |
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