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OTTAWA - Ottawa has given its blessing to the sale of properties! n, V' W9 b* ~ Q3 C7 G9 [9 N
owned by Athabasca Oil Sands Corp. to a Chinese company.9 w1 {, ^0 C9 c5 y
Federal Industry Minister Tony Clement says he has reviewed the) y/ O# R! x: e6 r, W7 V5 z
deal between Athabasca and PetroChina International Investment Co.
6 q, t1 O/ K% U/ V) |6 H c4 NLtd. and finds its is likely to be of net benefit to Canada.8 W" ?# ]% d+ u2 i; H
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
. o5 a. U% E) ]# {( e; e; pmade a number of significant commitments should they be allowed to& @+ g0 h/ y5 F, f
acquire control of the MacKay and Dover oil sands projects.; \' o! g# J3 |/ M, @
Among other things, the Chinese concerns have agreed to capital
$ C6 |7 i' {2 f* j0 aexpenditures in excess of $250 million for developing the properties
) P7 U2 n7 Q" F8 |7 }+ ?over the next three years.
9 \: m2 A5 f8 K+ { They have also pledged to increase employment levels in Canada as# X6 N$ i f; i# n& {
they develop the projects over the next three years and to maintain" t7 E1 p5 \0 S
an Alberta head office for operating companies associated with the
" i0 ?: \2 G( y0 uprojects for the next five years.: V: Y8 i8 [5 I4 S' ~
(The Canadian Press) |
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