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OTTAWA - Ottawa has given its blessing to the sale of properties3 [5 _- c+ u# w, O7 q1 C
owned by Athabasca Oil Sands Corp. to a Chinese company.7 J6 @! ` ~+ }+ u( m+ H0 `
Federal Industry Minister Tony Clement says he has reviewed the
4 w6 g! S2 Y! j+ K; @deal between Athabasca and PetroChina International Investment Co." [2 S7 Q" Y$ }, @& E8 B% u
Ltd. and finds its is likely to be of net benefit to Canada.
' \: m+ S3 d# c, b( s Clement says PetroChina and its parent, PetroChina Co. Ltd., have- z0 y v7 G! T `5 k) s! c3 {" Y1 _
made a number of significant commitments should they be allowed to2 V2 a! N' o+ W) f9 S6 `
acquire control of the MacKay and Dover oil sands projects.
" d( k/ g) {/ O; _$ s Among other things, the Chinese concerns have agreed to capital' r* v9 I7 ~7 h( k
expenditures in excess of $250 million for developing the properties
, ]# M* T9 ^: \ _2 v. K* b$ lover the next three years.
$ h4 y2 u1 W9 e* d6 b2 a- v They have also pledged to increase employment levels in Canada as# v$ b% f. \: t) w0 f; _3 {
they develop the projects over the next three years and to maintain W5 G3 C! W1 H3 ]( ^5 _ M, F: G
an Alberta head office for operating companies associated with the
# Z1 R8 h$ {2 X5 Lprojects for the next five years.* } ^) m" x$ m7 D. w& p
(The Canadian Press) |
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