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OTTAWA - Ottawa has given its blessing to the sale of properties
, b' c; M, ^+ A8 F; h/ towned by Athabasca Oil Sands Corp. to a Chinese company.) @ j9 G: z4 R- x% {$ p4 t
Federal Industry Minister Tony Clement says he has reviewed the
- c, w/ [6 u3 Udeal between Athabasca and PetroChina International Investment Co.+ O. j4 o" j: ]$ \- h( k y3 L! w
Ltd. and finds its is likely to be of net benefit to Canada. [. F" ?4 v* L- E! A
Clement says PetroChina and its parent, PetroChina Co. Ltd., have% k4 @4 q) X4 }
made a number of significant commitments should they be allowed to
: J6 G7 k9 U' E; W: I- Yacquire control of the MacKay and Dover oil sands projects.5 y: t3 v; R2 F. K2 O
Among other things, the Chinese concerns have agreed to capital
# a& m- K4 E8 U8 j6 I& h- \& _expenditures in excess of $250 million for developing the properties U7 X- a* Y& G* j: Q4 b7 @
over the next three years.
j2 h6 j# l- Z: y/ h0 [ They have also pledged to increase employment levels in Canada as% I6 u( U" S% @1 C
they develop the projects over the next three years and to maintain# P1 H: p- r" I g* B# |
an Alberta head office for operating companies associated with the4 d, Z/ z: ]8 x
projects for the next five years.
/ P( p/ X9 I- H9 T* L6 I (The Canadian Press) |
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