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OTTAWA - Ottawa has given its blessing to the sale of properties- w( r: S$ ^2 C4 c; X' ?' P# a
owned by Athabasca Oil Sands Corp. to a Chinese company.- o8 p" ^" ?; _( ~# O$ n
Federal Industry Minister Tony Clement says he has reviewed the; W, [' M- a' \7 H, \' y: ^" `
deal between Athabasca and PetroChina International Investment Co.5 i+ d* A" P5 o$ U! b7 w' f' K
Ltd. and finds its is likely to be of net benefit to Canada." n/ M) R* @+ v% J& ~
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
8 }. s! ?4 m4 umade a number of significant commitments should they be allowed to+ o8 c+ ]- D, R! y5 C' t
acquire control of the MacKay and Dover oil sands projects.
; F$ Y+ P* Q6 D; P4 J& e Among other things, the Chinese concerns have agreed to capital% d- l" \6 q& V
expenditures in excess of $250 million for developing the properties
( S6 k. `) z" D yover the next three years.2 z, ]3 c& Z4 b/ c6 w8 _
They have also pledged to increase employment levels in Canada as y3 G1 t3 G6 S6 U4 |
they develop the projects over the next three years and to maintain' y9 R7 U! \ ^( \2 ~' F
an Alberta head office for operating companies associated with the
7 D# ~' Y2 P7 Z) h, o1 rprojects for the next five years.
# d7 J0 l. |- ^+ l6 }. v (The Canadian Press) |
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