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OTTAWA - Ottawa has given its blessing to the sale of properties
. `! _' s, j% _5 ~0 gowned by Athabasca Oil Sands Corp. to a Chinese company.
& U) q" G- O& I* X" P Federal Industry Minister Tony Clement says he has reviewed the; S% I5 }+ A, y& `
deal between Athabasca and PetroChina International Investment Co.
0 Y3 _. P" U/ ILtd. and finds its is likely to be of net benefit to Canada.3 E/ X8 L4 _. r& @, K
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 ^: {% w4 r8 l) v& p4 F: e: n+ lmade a number of significant commitments should they be allowed to% B9 ?( }/ E7 W, z8 t
acquire control of the MacKay and Dover oil sands projects.
3 [4 b+ ]# R6 ?1 k, T( m Among other things, the Chinese concerns have agreed to capital
4 Z+ g. p& J/ L- C% _* bexpenditures in excess of $250 million for developing the properties8 `3 d' z/ A5 Q; H, |
over the next three years./ S: x8 X, W% W9 }! R
They have also pledged to increase employment levels in Canada as0 l, U! r* Z8 D* u3 J5 P( b
they develop the projects over the next three years and to maintain' X+ b6 `7 D3 E
an Alberta head office for operating companies associated with the
: f7 u3 b; O- Y% k6 Qprojects for the next five years.. }4 s4 s. ^- T' q% G. B- |0 M8 S
(The Canadian Press) |
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