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OTTAWA - Ottawa has given its blessing to the sale of properties0 U4 j' ]! H: F' g
owned by Athabasca Oil Sands Corp. to a Chinese company.
( e, A: G; j& W: y5 j% j1 H. @ Federal Industry Minister Tony Clement says he has reviewed the7 @) t0 B* c! u7 v7 Q/ V
deal between Athabasca and PetroChina International Investment Co.3 g6 }- Q1 T5 N) }3 {) g/ W
Ltd. and finds its is likely to be of net benefit to Canada.; Y; P4 Q! c9 F9 }5 v8 k
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# y7 z: P; b" c; `8 x" U0 Cmade a number of significant commitments should they be allowed to
8 k2 n, `( G: O. e. ~acquire control of the MacKay and Dover oil sands projects.
* S. ~8 T+ G K- r' u Among other things, the Chinese concerns have agreed to capital! r0 y4 @1 i5 S$ _' g9 v* S5 ^( r" M
expenditures in excess of $250 million for developing the properties8 X# _& r# [- R. I( W0 l" D
over the next three years.; e+ q$ ]4 n; P5 [3 J
They have also pledged to increase employment levels in Canada as
0 P; m6 {2 ]2 F2 N, ?4 Athey develop the projects over the next three years and to maintain0 M% h$ a e3 ~' I3 Z
an Alberta head office for operating companies associated with the6 e/ x6 c5 z2 L9 v! v: a( ?
projects for the next five years.
' { r; N) K+ r) _- Y& g6 J (The Canadian Press) |
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