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OTTAWA - Ottawa has given its blessing to the sale of properties
9 l( i- n5 e3 F, [0 E8 G8 vowned by Athabasca Oil Sands Corp. to a Chinese company.
. y% l* M q" Y6 s5 | Federal Industry Minister Tony Clement says he has reviewed the
2 @$ O n1 D( v/ u3 sdeal between Athabasca and PetroChina International Investment Co.
- h+ U* H% u! V$ l6 F" ^/ C7 g' bLtd. and finds its is likely to be of net benefit to Canada.* D1 ^# F/ U9 W# t# @
Clement says PetroChina and its parent, PetroChina Co. Ltd., have; d* ~. Z: C. `- z" g
made a number of significant commitments should they be allowed to
7 ]* K! S, ?* V7 h8 Iacquire control of the MacKay and Dover oil sands projects.8 E0 ]: w! D" v& q+ n
Among other things, the Chinese concerns have agreed to capital
- W8 Z/ d, t3 k/ m5 ]* Mexpenditures in excess of $250 million for developing the properties" j4 U5 T& Q2 m3 |6 Z! _
over the next three years.
# {& d; O# a( |. R! V They have also pledged to increase employment levels in Canada as% P% E) }0 C8 u& x; s
they develop the projects over the next three years and to maintain% m% k# F, J7 s* O1 B, Y* u( K
an Alberta head office for operating companies associated with the a6 J6 C" D% n. o
projects for the next five years.
! C. K& j# `9 b. v2 c (The Canadian Press) |
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