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OTTAWA - Ottawa has given its blessing to the sale of properties
% C) J" o9 J' n9 Iowned by Athabasca Oil Sands Corp. to a Chinese company.# H' a) a3 g$ I" ~
Federal Industry Minister Tony Clement says he has reviewed the. }2 ~4 U+ r7 U# v' p* z" ~* k
deal between Athabasca and PetroChina International Investment Co.
- z. f5 e6 V, V' fLtd. and finds its is likely to be of net benefit to Canada./ z# h$ U8 `2 q0 k* f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
% `% C% T: ?" V8 y; {made a number of significant commitments should they be allowed to
7 l6 P% g2 w. I3 T3 x9 M3 {$ ?acquire control of the MacKay and Dover oil sands projects.$ y; `3 P) A/ \; C
Among other things, the Chinese concerns have agreed to capital
) D) x3 G- n1 h! hexpenditures in excess of $250 million for developing the properties! W" D! e, k5 ~# \% X& [
over the next three years.
9 O0 e ~$ ^9 [7 p* O. U- o5 c. V$ D They have also pledged to increase employment levels in Canada as. Y* s" ^. [' q; K0 `' x
they develop the projects over the next three years and to maintain9 D q5 P9 I( U+ X K" F
an Alberta head office for operating companies associated with the; o5 z3 b! X8 Q0 X% u8 x
projects for the next five years.
+ Q8 q2 T1 F0 N3 t9 A0 V8 t (The Canadian Press) |
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