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OTTAWA - Ottawa has given its blessing to the sale of properties d, @/ Z9 v* |. e# n5 {1 e1 ~+ l. e
owned by Athabasca Oil Sands Corp. to a Chinese company.
! b0 f& M. Q. ]0 M2 f Federal Industry Minister Tony Clement says he has reviewed the
+ L+ n. J, c! R; \2 adeal between Athabasca and PetroChina International Investment Co.
9 M. ^, w& j/ nLtd. and finds its is likely to be of net benefit to Canada.$ g. w8 j5 O, A2 L
Clement says PetroChina and its parent, PetroChina Co. Ltd., have I3 m8 \2 t+ l8 j5 r J
made a number of significant commitments should they be allowed to) F( o) A. \! w/ {
acquire control of the MacKay and Dover oil sands projects.* Y3 Z& e* P7 j
Among other things, the Chinese concerns have agreed to capital) Z: m% p! C) g/ P$ K* E4 l7 U
expenditures in excess of $250 million for developing the properties6 A7 f U6 B' S2 p
over the next three years.
, _% M# ?) V, a They have also pledged to increase employment levels in Canada as
; X$ ?5 K0 h7 ]. [7 V; Nthey develop the projects over the next three years and to maintain9 N5 `0 ~: |) T2 b2 G0 h5 F
an Alberta head office for operating companies associated with the# A0 b! d% q; J
projects for the next five years.
7 ?- t9 O: M s (The Canadian Press) |
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