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OTTAWA - Ottawa has given its blessing to the sale of properties, ?' ]* M" _# r" `& W
owned by Athabasca Oil Sands Corp. to a Chinese company.
. y+ g/ }7 R' m2 M0 m9 [: L Federal Industry Minister Tony Clement says he has reviewed the
7 r: b% ~2 U3 F7 `- d4 |deal between Athabasca and PetroChina International Investment Co.
% Z5 T1 ^/ E2 r- v9 W7 }; XLtd. and finds its is likely to be of net benefit to Canada.
5 e( H; f7 J9 b' w! w Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 ^! h5 o7 Q- V+ \' emade a number of significant commitments should they be allowed to. f, X& B. j' e9 s; \
acquire control of the MacKay and Dover oil sands projects.- _, E7 Z6 C0 d7 P2 l7 R
Among other things, the Chinese concerns have agreed to capital
7 U0 B- Q, K9 q8 a: D. ^expenditures in excess of $250 million for developing the properties
7 Z8 a6 X4 Y6 V7 aover the next three years.
, ]3 Y: q) \8 ]- k) p They have also pledged to increase employment levels in Canada as F' o Z" K* T+ z! k
they develop the projects over the next three years and to maintain
. L& o/ \6 P7 a: ^# a4 t: tan Alberta head office for operating companies associated with the2 j2 E* H* [# G2 l/ q. h; g
projects for the next five years.& F1 b/ k# h4 J1 X, k/ E3 f2 h
(The Canadian Press) |
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