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OTTAWA - Ottawa has given its blessing to the sale of properties
" q! W5 v0 o, Fowned by Athabasca Oil Sands Corp. to a Chinese company.
& r' Z4 f4 n) ] Federal Industry Minister Tony Clement says he has reviewed the4 c' p2 V# p( C. |# \: R
deal between Athabasca and PetroChina International Investment Co.
) p; O& C# r7 g; d* O! iLtd. and finds its is likely to be of net benefit to Canada.
2 Q; s6 O; b0 r" W! x Clement says PetroChina and its parent, PetroChina Co. Ltd., have
Y- |; t/ J' ]3 H, G) Hmade a number of significant commitments should they be allowed to
2 B1 R; j# [! [' }acquire control of the MacKay and Dover oil sands projects.
! W" d" b g& C& z7 h! |' Z: L Among other things, the Chinese concerns have agreed to capital" h; i( p1 b$ F
expenditures in excess of $250 million for developing the properties# |: o. V9 b a2 m
over the next three years.) S& T& j. t/ v6 X
They have also pledged to increase employment levels in Canada as
3 A2 Y8 L' p0 V7 ]/ pthey develop the projects over the next three years and to maintain8 }7 m* @# T3 c8 y# X7 |, _
an Alberta head office for operating companies associated with the2 A+ R4 x- b) I) Y4 j# E$ d
projects for the next five years.
8 e2 n$ Y) F. F* B9 z( M (The Canadian Press) |
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