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OTTAWA - Ottawa has given its blessing to the sale of properties! v" n( g0 p. _6 R/ S" r! ~3 J7 K/ J
owned by Athabasca Oil Sands Corp. to a Chinese company.8 b- ~" \5 e4 G0 {) {1 X, Y
Federal Industry Minister Tony Clement says he has reviewed the
: Z' j. r+ U* O# n7 s: ~) Ddeal between Athabasca and PetroChina International Investment Co.8 x& h6 ?7 h7 x3 G, o# i
Ltd. and finds its is likely to be of net benefit to Canada.7 S. D) z, b1 ^ R: r7 p6 ?
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 u, `0 q0 k s: P
made a number of significant commitments should they be allowed to
' \; m% M/ i" l6 Q9 q( gacquire control of the MacKay and Dover oil sands projects.
# z, y1 Q$ V) n- a) t" b4 Q- I Among other things, the Chinese concerns have agreed to capital
0 i% w# ~' P5 `1 ]4 @, E/ Q# ]- x/ Lexpenditures in excess of $250 million for developing the properties
, w* }+ a% N/ w* ?over the next three years.+ z6 H3 o3 F% O% ]8 z( n
They have also pledged to increase employment levels in Canada as0 x3 ?, w1 j* t; `, ^/ C- a, C5 n! U! Q
they develop the projects over the next three years and to maintain
: V! \& c* _' m# \% L$ S* p, Ran Alberta head office for operating companies associated with the
9 g) p# `6 V2 E- \8 n# d; Uprojects for the next five years." c1 G L" g; \& Z; E8 H6 x& |
(The Canadian Press) |
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