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OTTAWA - Ottawa has given its blessing to the sale of properties: @, L# O$ [" h. o
owned by Athabasca Oil Sands Corp. to a Chinese company.
' Y8 D( f' P9 @. w Federal Industry Minister Tony Clement says he has reviewed the
# \7 t/ z* z& U: F/ p& Vdeal between Athabasca and PetroChina International Investment Co.
4 ~7 v* i: y S [( \8 MLtd. and finds its is likely to be of net benefit to Canada.# J. C- u$ f1 D' Y" d
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, ^, E9 _, Q9 ]/ C$ C& ?
made a number of significant commitments should they be allowed to
! m! R! M1 ]; E- b& S7 x/ C# zacquire control of the MacKay and Dover oil sands projects.+ I6 q. l. L6 r5 j" c
Among other things, the Chinese concerns have agreed to capital
/ c" E) Y4 c6 f( z' d- y2 i9 D$ q' qexpenditures in excess of $250 million for developing the properties$ O! H4 C r7 `0 e2 ]' p
over the next three years.
! n" ]: O3 a2 F( e1 ` They have also pledged to increase employment levels in Canada as( |0 g# R, b* W/ }
they develop the projects over the next three years and to maintain. X: h# X4 k$ N J! }* v# `
an Alberta head office for operating companies associated with the- m. W% {2 Y" n, W! c3 ?+ Y, v
projects for the next five years.
8 Q6 U' Q" ~' L. h$ k+ N8 B1 T+ t (The Canadian Press) |
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