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OTTAWA - Ottawa has given its blessing to the sale of properties0 V5 O' c' w4 T; g7 K$ y
owned by Athabasca Oil Sands Corp. to a Chinese company.
: X* v2 X1 Y% {3 L, G. q Federal Industry Minister Tony Clement says he has reviewed the
/ W' G7 G/ {5 r* udeal between Athabasca and PetroChina International Investment Co.
r. _# {6 u3 T# _* z, ILtd. and finds its is likely to be of net benefit to Canada.* r# B( v1 O+ }0 @& r# v
Clement says PetroChina and its parent, PetroChina Co. Ltd., have! `+ E. v k- Z: B) b
made a number of significant commitments should they be allowed to! a; H. K3 W$ b
acquire control of the MacKay and Dover oil sands projects.* \' Z2 X+ S2 S n) T
Among other things, the Chinese concerns have agreed to capital
3 q( O0 m( y& B1 ^: u+ bexpenditures in excess of $250 million for developing the properties4 j% R; | E# Z2 t
over the next three years.3 U! ?& {6 j* T0 r
They have also pledged to increase employment levels in Canada as* s' g4 @- {/ w. o! e
they develop the projects over the next three years and to maintain
/ ]; Z: s D3 C. I+ w, qan Alberta head office for operating companies associated with the
; I: E% Q' k1 v' Uprojects for the next five years.
: F' R1 ~* F5 U8 I: Y (The Canadian Press) |
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