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OTTAWA - Ottawa has given its blessing to the sale of properties! a- G! a9 h( ]/ U. [8 U, V
owned by Athabasca Oil Sands Corp. to a Chinese company.9 F0 t# U5 q1 P4 j7 ] r0 m/ Q
Federal Industry Minister Tony Clement says he has reviewed the
- s0 V) U' Z! L8 T7 Rdeal between Athabasca and PetroChina International Investment Co.
1 t, Z7 w$ J- h# ?1 t. R0 mLtd. and finds its is likely to be of net benefit to Canada.0 Q3 p7 x2 Z+ u: }$ z+ `5 k/ r- c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 q5 T2 ^) Q6 d: b8 D' ]made a number of significant commitments should they be allowed to2 v$ C/ B7 d" w" {8 [' D; h
acquire control of the MacKay and Dover oil sands projects.
; x8 i! S7 W$ q8 P( h+ T; v# T Among other things, the Chinese concerns have agreed to capital
; l" E! B' i7 Z9 A _expenditures in excess of $250 million for developing the properties* e" K( g" t+ {
over the next three years.$ ?; U) l# V% ?0 k
They have also pledged to increase employment levels in Canada as
+ a. ]3 p/ m3 F: |they develop the projects over the next three years and to maintain5 Q# [1 p1 h# G; k7 S/ S* T
an Alberta head office for operating companies associated with the
, S$ @- @: n1 H% `# Qprojects for the next five years.: s9 Q8 Z% Y, ?: c
(The Canadian Press) |
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