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OTTAWA - Ottawa has given its blessing to the sale of properties$ U. `4 g$ X4 ?! C, F/ O; u
owned by Athabasca Oil Sands Corp. to a Chinese company.! p' N4 y( c2 u4 Y
Federal Industry Minister Tony Clement says he has reviewed the
' ]4 b: d4 y0 g* u1 kdeal between Athabasca and PetroChina International Investment Co.
1 g8 h2 g3 \! z% {8 }0 w" g8 \7 O- wLtd. and finds its is likely to be of net benefit to Canada.' P7 U4 d B2 t6 g
Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ t+ D! s" a- {& C( l# l ]8 X
made a number of significant commitments should they be allowed to% p2 f s1 E0 w( q6 m
acquire control of the MacKay and Dover oil sands projects.8 w; K7 ^1 b3 ^* \
Among other things, the Chinese concerns have agreed to capital
( W9 `" Y2 H% N: M4 |expenditures in excess of $250 million for developing the properties
3 ~# j! N7 I' Z Sover the next three years." k+ m& l# {' N, D! L: Q
They have also pledged to increase employment levels in Canada as
`, G/ B7 a& \they develop the projects over the next three years and to maintain5 c- z) j- p# K" @$ E1 s. s& k
an Alberta head office for operating companies associated with the3 R2 p8 [" b' _
projects for the next five years.) N- p1 l6 B9 n
(The Canadian Press) |
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