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OTTAWA - Ottawa has given its blessing to the sale of properties. F' c+ l/ F, L, Q4 Q
owned by Athabasca Oil Sands Corp. to a Chinese company.
. g2 j* m, j5 Y Federal Industry Minister Tony Clement says he has reviewed the% F! y a: D h r) z. ?
deal between Athabasca and PetroChina International Investment Co.
# z7 E" i6 Y; Y% n e. [Ltd. and finds its is likely to be of net benefit to Canada.
2 A/ E* a/ x& B9 b: i Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ N* ?5 T4 t0 l) zmade a number of significant commitments should they be allowed to$ r2 Y9 A' G; e
acquire control of the MacKay and Dover oil sands projects.
* y0 M" J3 C h- @3 L9 I9 k Among other things, the Chinese concerns have agreed to capital
2 m& G5 _4 f" xexpenditures in excess of $250 million for developing the properties5 J7 u+ t" c, |" {4 J
over the next three years. v1 g, W! l9 j3 O- p
They have also pledged to increase employment levels in Canada as9 p$ X+ J% v; J- Y3 K7 k
they develop the projects over the next three years and to maintain2 x/ W% B7 n( E
an Alberta head office for operating companies associated with the
; g$ i3 W2 q; S# w8 i: Vprojects for the next five years.- W* W5 \; |, u0 ?
(The Canadian Press) |
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