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OTTAWA - Ottawa has given its blessing to the sale of properties7 g+ _8 S; X! M$ m; w6 E! g
owned by Athabasca Oil Sands Corp. to a Chinese company.5 I L8 W$ s- Y N# @9 `+ z: O& F
Federal Industry Minister Tony Clement says he has reviewed the+ k$ f; }7 q1 r9 Q) o' ]" S
deal between Athabasca and PetroChina International Investment Co./ t5 b: U& M9 X$ n4 E
Ltd. and finds its is likely to be of net benefit to Canada.
/ b( s* @1 L) Q3 Q Clement says PetroChina and its parent, PetroChina Co. Ltd., have, H* G. M5 P7 H
made a number of significant commitments should they be allowed to' u }* {9 s0 ^; W4 a: T
acquire control of the MacKay and Dover oil sands projects.4 G7 H9 d" E Y& M' M
Among other things, the Chinese concerns have agreed to capital/ P f# y' q8 A2 p, U; w3 P
expenditures in excess of $250 million for developing the properties# z5 Z. Q* u3 i& X2 g% s) e% Y
over the next three years.
6 r6 r, C& a& i F) v6 Z They have also pledged to increase employment levels in Canada as# j {. E D0 V5 I9 B7 O7 P- G
they develop the projects over the next three years and to maintain( p( R6 M+ |9 \6 v; n# A. [- b
an Alberta head office for operating companies associated with the+ i. C/ L5 H9 A0 ^& v; \
projects for the next five years.
, }) N! n" s. \8 ?2 M (The Canadian Press) |
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