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OTTAWA - Ottawa has given its blessing to the sale of properties
+ N/ c: Y: O2 l4 k( t ^+ xowned by Athabasca Oil Sands Corp. to a Chinese company.8 m+ G+ x, ]) I$ n2 O9 x6 O- `
Federal Industry Minister Tony Clement says he has reviewed the" `% J6 ^% y( n1 r
deal between Athabasca and PetroChina International Investment Co.3 x& Y& _: Y# I1 W4 p D
Ltd. and finds its is likely to be of net benefit to Canada.
# Y/ t2 m# d; d2 g9 O Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. n- _# @: h' j' a" |0 Gmade a number of significant commitments should they be allowed to# _0 b$ \$ T( N, p. R& O* D
acquire control of the MacKay and Dover oil sands projects. F, ^+ ?2 Z7 G- F
Among other things, the Chinese concerns have agreed to capital2 d1 b3 n$ h. c, l% `& f4 ?
expenditures in excess of $250 million for developing the properties8 w! \- j$ q2 S. H& u, U
over the next three years.
2 q* d$ o$ u0 c8 V* F They have also pledged to increase employment levels in Canada as% p. N0 ]8 Q! _+ s
they develop the projects over the next three years and to maintain
7 r( r6 o w$ q) L- \; S% X- han Alberta head office for operating companies associated with the
$ U) H( }7 P' {projects for the next five years.; r; j$ q; Z0 [: v' e/ k
(The Canadian Press) |
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