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OTTAWA - Ottawa has given its blessing to the sale of properties
" c8 S- M2 z( t1 X4 a: lowned by Athabasca Oil Sands Corp. to a Chinese company.7 Z7 s) t" q7 q
Federal Industry Minister Tony Clement says he has reviewed the
- c& j( U( X- S' P# R& Adeal between Athabasca and PetroChina International Investment Co.# S1 f8 V* y, [. P* t+ J/ Z# H
Ltd. and finds its is likely to be of net benefit to Canada.6 V2 r( G4 A, m5 m. y; M
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
- V9 j3 A$ h& Nmade a number of significant commitments should they be allowed to$ p& J) |; w8 A# E/ h8 x
acquire control of the MacKay and Dover oil sands projects.# j" D, @ z0 ]/ w
Among other things, the Chinese concerns have agreed to capital+ b7 f( U% T+ Z& {+ O/ T
expenditures in excess of $250 million for developing the properties
6 z( z" H, t0 \9 L4 u& ^over the next three years.
! v' _) y: w! l& n They have also pledged to increase employment levels in Canada as
# k6 N* U' m4 M- Tthey develop the projects over the next three years and to maintain
1 b- L& Y8 I" w5 U1 j3 Wan Alberta head office for operating companies associated with the
6 P5 K7 ~; G1 sprojects for the next five years.
' y' o* v5 _- E! o (The Canadian Press) |
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