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OTTAWA - Ottawa has given its blessing to the sale of properties
3 a+ P" z0 K' Q7 p, R5 G6 S6 Kowned by Athabasca Oil Sands Corp. to a Chinese company.
* q2 E Z( j1 k+ Q1 y; U Federal Industry Minister Tony Clement says he has reviewed the+ R' a0 x- W1 S% |8 q+ |
deal between Athabasca and PetroChina International Investment Co.$ \4 N1 n2 r/ c
Ltd. and finds its is likely to be of net benefit to Canada.7 Q( U- p0 I# D+ X* t2 u w
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( O# B+ a! ^' L0 s: @made a number of significant commitments should they be allowed to/ D. R5 ]2 A3 n# l8 V! }
acquire control of the MacKay and Dover oil sands projects. T: d) N: M, F& d7 g3 Z q7 r
Among other things, the Chinese concerns have agreed to capital
' ~( x" b5 G9 I% d0 s+ i+ @expenditures in excess of $250 million for developing the properties
3 p* h3 j* }3 m S: dover the next three years.- M6 J5 v4 y% _+ `! n
They have also pledged to increase employment levels in Canada as
. R' U- l1 F, x$ Y$ kthey develop the projects over the next three years and to maintain
5 e0 C3 T' a' R" L* u% R% Xan Alberta head office for operating companies associated with the
* q1 Y1 C( m% \6 x6 F" K/ c8 G1 jprojects for the next five years.
8 \7 ?' U, z, Z' R9 S* p4 }0 K (The Canadian Press) |
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