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OTTAWA - Ottawa has given its blessing to the sale of properties
/ B) K6 S! X/ o8 c' w$ {owned by Athabasca Oil Sands Corp. to a Chinese company.' b2 L: }, E) ?' R9 }
Federal Industry Minister Tony Clement says he has reviewed the
6 U- r3 i/ j$ X( ldeal between Athabasca and PetroChina International Investment Co.
. }4 w3 [6 i% F: I, P! [Ltd. and finds its is likely to be of net benefit to Canada., N4 l# }6 V; D
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) c8 C" j% c! S: T4 x' p& g
made a number of significant commitments should they be allowed to
% o$ i. E+ c. R0 s2 s5 u8 v {* cacquire control of the MacKay and Dover oil sands projects.
; `9 P1 p% j- A Among other things, the Chinese concerns have agreed to capital
& j/ J/ n/ z) e% ?: dexpenditures in excess of $250 million for developing the properties: K6 B5 E5 F- K* s; g9 R. k1 z
over the next three years.
" n5 g2 N6 u" M2 p9 I. J+ Z+ w1 }$ N They have also pledged to increase employment levels in Canada as
, d% ^$ @' [+ @& @4 r7 \0 fthey develop the projects over the next three years and to maintain+ F9 X* d6 P5 i) a f" ]
an Alberta head office for operating companies associated with the
6 b' b" p% {% m( @projects for the next five years.
9 z/ c8 V2 `1 ]7 } (The Canadian Press) |
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