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OTTAWA - Ottawa has given its blessing to the sale of properties
0 Z, V, ^3 g7 Gowned by Athabasca Oil Sands Corp. to a Chinese company./ m% W5 w) l% [3 Z) {" P
Federal Industry Minister Tony Clement says he has reviewed the0 D+ A* h4 K- B* e* q+ O- D
deal between Athabasca and PetroChina International Investment Co./ v. O5 |: M& b Y! C. j* L
Ltd. and finds its is likely to be of net benefit to Canada. J' `+ |) M, I6 V
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, f( [% ?: ^3 `( V) q l$ {. k
made a number of significant commitments should they be allowed to; m4 r* C1 s* g- ]8 ?3 Y
acquire control of the MacKay and Dover oil sands projects." p7 M5 H6 W- H( |0 A; u* H
Among other things, the Chinese concerns have agreed to capital$ v. A1 G) z' X
expenditures in excess of $250 million for developing the properties! i. t. U7 g' h
over the next three years.5 f& t9 _1 |! ^8 p c, {" {
They have also pledged to increase employment levels in Canada as
! G; x5 [0 }- y5 V7 K$ |: athey develop the projects over the next three years and to maintain
- b. j% B1 C! J* r6 ]7 q6 pan Alberta head office for operating companies associated with the
. ?4 r0 \: E' r5 aprojects for the next five years.$ f8 s* M t. D6 m* v$ m, y1 B$ J
(The Canadian Press) |
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