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OTTAWA - Ottawa has given its blessing to the sale of properties
) c( h3 t* D L: ]! ]. ]7 Yowned by Athabasca Oil Sands Corp. to a Chinese company.! X5 Q7 o# [: S7 ]4 _
Federal Industry Minister Tony Clement says he has reviewed the1 [& k# ?2 [4 A' D) n7 ^
deal between Athabasca and PetroChina International Investment Co.
4 i1 l+ g5 d& `Ltd. and finds its is likely to be of net benefit to Canada.: b: Y3 F0 M: x7 V; T* R4 u1 p
Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ x' X' e8 C: `8 M- x
made a number of significant commitments should they be allowed to
, @9 c, C( |9 oacquire control of the MacKay and Dover oil sands projects.! ]- I: s" e. J0 W* T7 Q
Among other things, the Chinese concerns have agreed to capital4 {9 [6 M* S6 p
expenditures in excess of $250 million for developing the properties
, v w/ E) D2 C6 Iover the next three years.$ E) G9 b2 b d7 R
They have also pledged to increase employment levels in Canada as& z/ | q) D) m/ k% v& y+ [- v
they develop the projects over the next three years and to maintain* g' z; c2 O+ G7 } _5 R
an Alberta head office for operating companies associated with the
q2 u$ n B+ R/ yprojects for the next five years.
% P- e& |; U5 W g (The Canadian Press) |
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