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OTTAWA - Ottawa has given its blessing to the sale of properties) ~+ r9 {. U4 I1 t! M+ V# G
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ r! g. {! X: V$ s/ p8 ] Federal Industry Minister Tony Clement says he has reviewed the [& U; Y* Z% U9 ^1 ^# b" K$ Q
deal between Athabasca and PetroChina International Investment Co.$ M2 F" }3 K6 X5 ^, M' Y
Ltd. and finds its is likely to be of net benefit to Canada.8 E b1 f+ B1 o" o: c9 S1 ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. s i0 a6 w/ O' T/ umade a number of significant commitments should they be allowed to% W" j5 D2 d7 ?/ P! m& m
acquire control of the MacKay and Dover oil sands projects.
, Z) d$ j4 w* J q Among other things, the Chinese concerns have agreed to capital
, x0 [+ M. g' P/ K0 Texpenditures in excess of $250 million for developing the properties
+ a% W" T! b% W6 Pover the next three years., E4 d/ X$ C2 E0 Z
They have also pledged to increase employment levels in Canada as
. V5 y8 o" ?5 L* mthey develop the projects over the next three years and to maintain5 o9 b2 ]- t( i9 R% I
an Alberta head office for operating companies associated with the
" F4 k- c8 A7 bprojects for the next five years.
9 I O7 s' h8 M (The Canadian Press) |
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