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OTTAWA - Ottawa has given its blessing to the sale of properties
& H' G" i4 k/ I0 Qowned by Athabasca Oil Sands Corp. to a Chinese company.
) U4 M2 k3 }& K Federal Industry Minister Tony Clement says he has reviewed the5 B4 A2 r" s& y1 ^& |
deal between Athabasca and PetroChina International Investment Co.+ L$ d& X! y( D6 @
Ltd. and finds its is likely to be of net benefit to Canada.* L. o$ p) Z+ ?5 V6 T: D9 h
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- u, n& X9 Z0 o& s1 I3 b9 lmade a number of significant commitments should they be allowed to3 N, K2 u3 K* h) J$ J# U
acquire control of the MacKay and Dover oil sands projects.4 S3 X- S- _3 g( m
Among other things, the Chinese concerns have agreed to capital/ n: S3 G- D8 \6 S4 u( o* U
expenditures in excess of $250 million for developing the properties, l7 s2 ?# F f1 r a: C* E
over the next three years.
5 j; K" q% b0 } They have also pledged to increase employment levels in Canada as$ @& T" g; ~8 s) a
they develop the projects over the next three years and to maintain
2 s8 x8 o3 U: S" y, ~. h& ]9 V4 Ran Alberta head office for operating companies associated with the- s: w- B# }: e$ s) |/ j* I2 D
projects for the next five years.
6 p7 h6 p& c& i" |* b; i1 B9 ~# C (The Canadian Press) |
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