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OTTAWA - Ottawa has given its blessing to the sale of properties
" x" H: Y( N. |9 z1 r+ g |owned by Athabasca Oil Sands Corp. to a Chinese company.
/ W( l4 M/ P+ K0 P- X7 _, {6 e4 T Federal Industry Minister Tony Clement says he has reviewed the
1 {$ c* E- Q- @) F& v4 M! Ddeal between Athabasca and PetroChina International Investment Co., M O# m% X$ Z) y. {9 w" J1 ]/ L k
Ltd. and finds its is likely to be of net benefit to Canada.
- \( E- P1 j6 V; B Clement says PetroChina and its parent, PetroChina Co. Ltd., have7 ^& w. }7 l0 e3 c+ ]; I
made a number of significant commitments should they be allowed to7 Y. `6 G( y6 u% F2 H
acquire control of the MacKay and Dover oil sands projects.3 n2 ^+ k$ v) y1 v5 ^" @
Among other things, the Chinese concerns have agreed to capital; ^; X: S. a; F
expenditures in excess of $250 million for developing the properties
8 z7 Z3 z* Q$ ~6 L2 \- _, W9 @: Zover the next three years.
- X: I \* l% R8 Y1 l# o, K They have also pledged to increase employment levels in Canada as8 c* ^+ f) n. S9 r2 M+ _+ T. |
they develop the projects over the next three years and to maintain. u3 U: W5 b8 l4 D7 A4 s3 \4 U
an Alberta head office for operating companies associated with the
; H' P$ J1 ^0 G1 l K( ?projects for the next five years.
1 t4 t! V) O- r( j (The Canadian Press) |
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