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OTTAWA - Ottawa has given its blessing to the sale of properties
Z K% X7 T o* t' L h E( \7 Xowned by Athabasca Oil Sands Corp. to a Chinese company.
, ]. ^# Q% P1 z. {0 Y! a7 T) l4 p Federal Industry Minister Tony Clement says he has reviewed the% @. s6 J! r8 v! \) f, k
deal between Athabasca and PetroChina International Investment Co.4 t& A0 Z% g0 d" x! P5 E U! }
Ltd. and finds its is likely to be of net benefit to Canada.6 \, j5 R( v2 ~% G+ Z* P
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; K) {- T4 j) p3 T9 o Bmade a number of significant commitments should they be allowed to3 P" y# b+ q2 F( J8 O
acquire control of the MacKay and Dover oil sands projects.
9 n: l* L! V, m" I Among other things, the Chinese concerns have agreed to capital+ V% [2 B+ }6 j5 X4 o8 U
expenditures in excess of $250 million for developing the properties
9 e2 V: ~# R" Uover the next three years./ r0 u2 ^. r% s: e! S
They have also pledged to increase employment levels in Canada as
' [. J2 E% c& l, K* Q0 u4 P% Q2 w. |they develop the projects over the next three years and to maintain
5 X S0 X3 `& jan Alberta head office for operating companies associated with the- L; k8 R" W+ d3 P) e/ T+ K& E
projects for the next five years.
2 ?2 r7 I5 l& V6 m3 d (The Canadian Press) |
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