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OTTAWA - Ottawa has given its blessing to the sale of properties
) R: Q+ S8 E7 kowned by Athabasca Oil Sands Corp. to a Chinese company.
/ f; N- \* d- d9 Q, ?$ I9 }- X Federal Industry Minister Tony Clement says he has reviewed the
- h% G7 {( a7 s. F' s4 rdeal between Athabasca and PetroChina International Investment Co.
4 f0 B# y# b" F% G0 uLtd. and finds its is likely to be of net benefit to Canada.
1 @! q- u5 n0 N8 g9 Z, v- ?6 z Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 G$ W3 @( d, q, \+ K; A) W5 U
made a number of significant commitments should they be allowed to
6 j: F8 X% x+ S1 n, Y! racquire control of the MacKay and Dover oil sands projects.
9 @/ l8 h6 B! x; r+ R5 L& p Among other things, the Chinese concerns have agreed to capital; M% P# W f x$ q& q# O9 U
expenditures in excess of $250 million for developing the properties
1 Y0 J+ V) x4 A: lover the next three years.
- g) | K- g) U0 [9 z They have also pledged to increase employment levels in Canada as
+ o# r2 D+ Z0 C: G; |+ Ithey develop the projects over the next three years and to maintain
2 @/ k t4 |2 y; Zan Alberta head office for operating companies associated with the5 `" j* |" `+ X+ l2 O6 H \9 \
projects for the next five years.
8 u, b5 J$ N0 f$ P' Q+ ` (The Canadian Press) |
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