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OTTAWA - Ottawa has given its blessing to the sale of properties
( a4 d- V+ H2 E, T7 ?0 V# Jowned by Athabasca Oil Sands Corp. to a Chinese company.! O$ q* t3 g9 |. T O" D( R2 h
Federal Industry Minister Tony Clement says he has reviewed the s& K! k( a* k8 A/ G( {8 m( l
deal between Athabasca and PetroChina International Investment Co.
. Z7 U0 l* r; c+ k* P8 |Ltd. and finds its is likely to be of net benefit to Canada.$ `3 t/ {$ ?: r' E. E
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# i! L5 u) }; N7 X: i5 v+ f- d( H
made a number of significant commitments should they be allowed to. Q9 O6 Z4 I3 B1 v" T
acquire control of the MacKay and Dover oil sands projects.
( S; g0 C, w. u8 F, r0 M# q Among other things, the Chinese concerns have agreed to capital
' O3 \6 g; g2 g& f4 t: n( H+ jexpenditures in excess of $250 million for developing the properties* |* b( k j) y, F: `& n; L) n
over the next three years.8 \, S, I x( @
They have also pledged to increase employment levels in Canada as
1 [) o* [) W) ?1 D2 Y8 S6 Z; H nthey develop the projects over the next three years and to maintain
' s$ U" a! i$ E y+ a" ~an Alberta head office for operating companies associated with the
& \ p3 z* Y9 P! y$ _* Qprojects for the next five years.4 v: F* O1 p& ]+ S0 p K" x
(The Canadian Press) |
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