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OTTAWA - Ottawa has given its blessing to the sale of properties/ w- Y& z) \% a3 p0 d2 ^( i& i
owned by Athabasca Oil Sands Corp. to a Chinese company., ~$ ~; {& n$ P
Federal Industry Minister Tony Clement says he has reviewed the
& K% @- q9 ?) `( Edeal between Athabasca and PetroChina International Investment Co.
/ G9 F5 T: i- c- `Ltd. and finds its is likely to be of net benefit to Canada.
; `, ]/ b1 c5 D" U) F3 I+ K Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 J5 w8 x3 {' X" D0 ymade a number of significant commitments should they be allowed to
& M0 y( R4 p' y5 l7 ~0 o3 \2 \acquire control of the MacKay and Dover oil sands projects.& E' I7 C9 n# H( L% ]
Among other things, the Chinese concerns have agreed to capital* b9 f( i/ _* d5 k$ D7 T, v3 e
expenditures in excess of $250 million for developing the properties
' _, ^9 e; G+ j7 Aover the next three years.; s E- S4 ? o2 b- c: D: `7 P
They have also pledged to increase employment levels in Canada as' z8 G$ q) e7 V
they develop the projects over the next three years and to maintain
+ h' i$ n/ ~; m, a) G$ oan Alberta head office for operating companies associated with the, T) k f3 b- }3 Q' B' L5 F9 f
projects for the next five years.
! y# d+ b$ u1 a5 Z2 P" R (The Canadian Press) |
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