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OTTAWA - Ottawa has given its blessing to the sale of properties2 {% t8 {. V3 H
owned by Athabasca Oil Sands Corp. to a Chinese company.
6 z$ v1 p( Z0 M1 b% k, q; A Federal Industry Minister Tony Clement says he has reviewed the
) x" z: X9 K) ?( P# J& rdeal between Athabasca and PetroChina International Investment Co.
' [/ `9 ^$ G* b3 b( sLtd. and finds its is likely to be of net benefit to Canada.* k/ Z+ U% ~" u, q, U
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
0 f1 `- r" H9 C( ^7 nmade a number of significant commitments should they be allowed to
; U0 J( ?" J l9 Q2 pacquire control of the MacKay and Dover oil sands projects.
" ]) ^5 O: }! `) \ Among other things, the Chinese concerns have agreed to capital
8 @" u& p+ a5 X8 H+ aexpenditures in excess of $250 million for developing the properties
5 K+ c' a! {; o1 T& nover the next three years.. Z X$ S# q7 V# M; [' Q" r
They have also pledged to increase employment levels in Canada as
) u" o; Y" l8 y1 {they develop the projects over the next three years and to maintain
8 v% y8 w/ ]. e: M5 ~# Oan Alberta head office for operating companies associated with the1 M4 G/ B9 v7 B& b
projects for the next five years.: ]9 E8 q/ T% _# O
(The Canadian Press) |
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