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OTTAWA - Ottawa has given its blessing to the sale of properties
4 |) N+ u7 B" `0 }/ U2 b: Mowned by Athabasca Oil Sands Corp. to a Chinese company.) K( B, y$ A# W7 m3 h& I% }! v
Federal Industry Minister Tony Clement says he has reviewed the
- B: z- u$ m' M! \$ Gdeal between Athabasca and PetroChina International Investment Co.
0 n4 t" P+ G7 F9 P# k9 |$ gLtd. and finds its is likely to be of net benefit to Canada./ O& ]9 P. l4 P% S
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 L% s- x% Z% @) Y" h! [- Xmade a number of significant commitments should they be allowed to
4 j: r9 X7 P0 i p2 yacquire control of the MacKay and Dover oil sands projects.& h( \; c% [* `. Y; e
Among other things, the Chinese concerns have agreed to capital0 m: B. W( \( |1 k, d0 j& [
expenditures in excess of $250 million for developing the properties
b, F4 a. R$ `5 ^; j' Sover the next three years.
& X+ C3 z8 D+ F3 B# Q# w They have also pledged to increase employment levels in Canada as* O. i2 b$ B' z; R7 O* f; ]$ b
they develop the projects over the next three years and to maintain+ w! \' u8 s/ Y" z u' @
an Alberta head office for operating companies associated with the
4 l5 i# s: |7 E$ F) nprojects for the next five years.4 k" ?. t- f' G! y
(The Canadian Press) |
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