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OTTAWA - Ottawa has given its blessing to the sale of properties
- W/ X, i2 ?5 N2 W/ C8 V- }owned by Athabasca Oil Sands Corp. to a Chinese company.
- r% K, F+ l! l1 d4 a) U Federal Industry Minister Tony Clement says he has reviewed the! M' H" p0 E9 a A0 \1 l' w9 [$ f
deal between Athabasca and PetroChina International Investment Co.
3 K/ I1 S8 b0 E3 g# aLtd. and finds its is likely to be of net benefit to Canada.- `- ~ l( S( l1 F3 M0 k% y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 m" Z5 b) z; N7 Xmade a number of significant commitments should they be allowed to6 z$ O9 p/ p! U* ?
acquire control of the MacKay and Dover oil sands projects.
4 b, V+ {6 m z B Among other things, the Chinese concerns have agreed to capital+ D7 _; r* M1 K! r5 B/ b9 @# r8 z
expenditures in excess of $250 million for developing the properties! E7 G- R: E2 c* b
over the next three years.4 b& O. b* }( Q; g& `) d! ]
They have also pledged to increase employment levels in Canada as
( W7 K$ v* n7 ?( N0 Mthey develop the projects over the next three years and to maintain& F. G( Z+ D# O2 K G: Q) l' O( L
an Alberta head office for operating companies associated with the
2 z% p0 N& B4 e; i) bprojects for the next five years./ F8 x& e* c# t4 u8 X# T% _: {
(The Canadian Press) |
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