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OTTAWA - Ottawa has given its blessing to the sale of properties7 z. D) W1 M/ Q* O/ X/ N! g
owned by Athabasca Oil Sands Corp. to a Chinese company.) K O- d' c5 [6 Y9 i& G
Federal Industry Minister Tony Clement says he has reviewed the/ E) w+ Y3 M) z0 i7 T- [
deal between Athabasca and PetroChina International Investment Co.! n3 O& E' N0 Y- z- ^! I/ n$ I
Ltd. and finds its is likely to be of net benefit to Canada.
1 K5 W) F. Y8 \/ L* G8 U& w9 v Clement says PetroChina and its parent, PetroChina Co. Ltd., have
7 q: e5 o N4 J/ j: J; H* nmade a number of significant commitments should they be allowed to
2 l5 T/ x5 `$ j0 q% V$ Dacquire control of the MacKay and Dover oil sands projects. w+ @0 U, s0 S) W% N4 l
Among other things, the Chinese concerns have agreed to capital
: O+ X. ]1 J; G5 X* xexpenditures in excess of $250 million for developing the properties
5 t# v8 P' N2 ]" ]over the next three years.
5 m- Q' C% E( u& f& p" t# p They have also pledged to increase employment levels in Canada as
e: o- e& O3 D, ^; e. i7 i! A% Qthey develop the projects over the next three years and to maintain
7 N% U1 b$ M' `+ j4 {) x5 @/ }an Alberta head office for operating companies associated with the
7 I! Z4 z8 p8 w9 ~projects for the next five years. d" w7 I: L% N3 s: Y% I, O" ?
(The Canadian Press) |
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