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OTTAWA - Ottawa has given its blessing to the sale of properties
' G* T% I9 z1 {' C& P1 v- E# Jowned by Athabasca Oil Sands Corp. to a Chinese company.# q) m3 n- x* L0 d
Federal Industry Minister Tony Clement says he has reviewed the
% K0 a# [" H+ q1 x6 j5 y) {1 p% H6 Mdeal between Athabasca and PetroChina International Investment Co." |; t& \: y2 j# ]! t, T, L0 b _
Ltd. and finds its is likely to be of net benefit to Canada.
: w( `5 z# k) {# H5 d/ u Clement says PetroChina and its parent, PetroChina Co. Ltd., have
* u) Z }' J L, [, @0 o* y0 a3 }made a number of significant commitments should they be allowed to
& A( F0 p- f1 g* n+ Bacquire control of the MacKay and Dover oil sands projects.: v) ?2 i$ x! G; i$ r
Among other things, the Chinese concerns have agreed to capital7 R4 e- i( | J, N! a( D+ ]
expenditures in excess of $250 million for developing the properties
2 M1 D' ^; r3 dover the next three years.* F Z* h8 Y6 A) a% w& H
They have also pledged to increase employment levels in Canada as
2 p( C. Z- y2 kthey develop the projects over the next three years and to maintain w O9 w: q, K# v- O
an Alberta head office for operating companies associated with the
' y7 n# g+ K2 o/ c/ q* m' uprojects for the next five years.
: p1 o( D% J( @% q$ z' Y (The Canadian Press) |
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