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OTTAWA - Ottawa has given its blessing to the sale of properties
' ~/ @# C( q q9 I0 y2 N& L) {owned by Athabasca Oil Sands Corp. to a Chinese company.& e) H6 i* C/ `% V# i
Federal Industry Minister Tony Clement says he has reviewed the
4 }( m" m- a, k/ \2 Wdeal between Athabasca and PetroChina International Investment Co.
: p" N5 `+ r# oLtd. and finds its is likely to be of net benefit to Canada.
. _8 ^% k+ a5 h Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( [5 E5 z5 s$ d% e- Mmade a number of significant commitments should they be allowed to
3 I) k& @5 M( C, Y. sacquire control of the MacKay and Dover oil sands projects.% l- ?& M# ^! w) g& Z
Among other things, the Chinese concerns have agreed to capital
) |( U, y0 C4 Y+ [5 z" s1 D6 Yexpenditures in excess of $250 million for developing the properties
7 ~: L S% a/ p8 e: lover the next three years.2 a. f0 X* Q, {- v
They have also pledged to increase employment levels in Canada as
1 L. t( N+ c! K6 r* Ythey develop the projects over the next three years and to maintain) w# Z% i& n# C u" e$ R( n' @
an Alberta head office for operating companies associated with the
# F2 A" S; {* Q) _projects for the next five years.
3 \/ `0 Y) s" \ (The Canadian Press) |
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