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OTTAWA - Ottawa has given its blessing to the sale of properties
4 C- v! l8 ~& e/ l8 ?owned by Athabasca Oil Sands Corp. to a Chinese company.8 F+ Q) b3 Y% P) `7 B* z
Federal Industry Minister Tony Clement says he has reviewed the
2 l* _6 C \ n. g, u3 S, Zdeal between Athabasca and PetroChina International Investment Co.
3 H8 |5 X8 H) R/ B/ A7 F# C( iLtd. and finds its is likely to be of net benefit to Canada.0 v; Y8 F7 @, b0 y" c; H/ o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 x* r+ U9 o. [2 l
made a number of significant commitments should they be allowed to
# F! K5 M, y) V* Iacquire control of the MacKay and Dover oil sands projects.4 Q1 r5 j* F6 Z* F
Among other things, the Chinese concerns have agreed to capital
( X/ Q( v D. Wexpenditures in excess of $250 million for developing the properties9 J% X2 k4 B5 h u& L6 }" [3 J5 i
over the next three years.) n9 E- C# e# s) F6 z
They have also pledged to increase employment levels in Canada as
/ t" \1 y0 I: m; y- Kthey develop the projects over the next three years and to maintain
1 c; L$ \; x X# Wan Alberta head office for operating companies associated with the8 l9 }5 e. _6 Q
projects for the next five years.
2 j3 K& B9 ^6 I. T x' T (The Canadian Press) |
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