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OTTAWA - Ottawa has given its blessing to the sale of properties
0 i) P1 R6 L9 R; xowned by Athabasca Oil Sands Corp. to a Chinese company.
: u/ d; j% P D( `6 h4 R* T2 U Federal Industry Minister Tony Clement says he has reviewed the
5 C9 `/ ?2 c: h8 f; W1 R5 o; adeal between Athabasca and PetroChina International Investment Co.
5 v' S6 ^$ R! E1 X- c; ]) pLtd. and finds its is likely to be of net benefit to Canada.
% ^# S) M: K( k* G Clement says PetroChina and its parent, PetroChina Co. Ltd., have
, _; p, w* v. N9 smade a number of significant commitments should they be allowed to3 P D# z% H2 |& e' A& f
acquire control of the MacKay and Dover oil sands projects.
2 {! ~7 P8 D2 c- P Among other things, the Chinese concerns have agreed to capital/ d- U; U, a# ^5 h
expenditures in excess of $250 million for developing the properties
$ O# X# n P) t+ ~over the next three years.& f) f) G+ x ]1 |
They have also pledged to increase employment levels in Canada as
! R* a6 J1 v) uthey develop the projects over the next three years and to maintain
, K1 u1 _+ r9 F% X2 q' Qan Alberta head office for operating companies associated with the
0 }3 v5 g7 z+ Z+ I) l4 vprojects for the next five years.
) P7 `9 }* H t6 _' H& z0 q+ K! F (The Canadian Press) |
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