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OTTAWA - Ottawa has given its blessing to the sale of properties
& V" n4 p9 ?8 G: M) w ]! L9 V Cowned by Athabasca Oil Sands Corp. to a Chinese company.
) a) K# v$ m W9 J, H2 J, I# |) i Federal Industry Minister Tony Clement says he has reviewed the: ^* j7 |) m% p4 d
deal between Athabasca and PetroChina International Investment Co." V6 z: q4 s. t% q0 X
Ltd. and finds its is likely to be of net benefit to Canada.
- X% c% B) J, M* s; N Clement says PetroChina and its parent, PetroChina Co. Ltd., have# ?( a( R0 v# k) l* n
made a number of significant commitments should they be allowed to
1 l* @+ `" w: z0 X; J# `acquire control of the MacKay and Dover oil sands projects.5 I- `/ d: c( J& h
Among other things, the Chinese concerns have agreed to capital
" n$ o% f5 O, ?! |expenditures in excess of $250 million for developing the properties# F' T+ v; }* Y/ M2 p6 Y% ^
over the next three years.* Y2 C1 S& b+ d ]8 q, M4 Y) T
They have also pledged to increase employment levels in Canada as2 x3 l2 ~$ P% H6 K
they develop the projects over the next three years and to maintain% |8 M4 l+ F$ Y$ t7 T. O) ~/ g
an Alberta head office for operating companies associated with the9 o, A8 V) L9 [+ l
projects for the next five years.; o* m2 E. r/ L# P* B
(The Canadian Press) |
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