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OTTAWA - Ottawa has given its blessing to the sale of properties, v. P2 C5 v' p; _4 h
owned by Athabasca Oil Sands Corp. to a Chinese company." h2 S' s L; \0 \$ g1 r; I
Federal Industry Minister Tony Clement says he has reviewed the
& r. o' t* y7 }( t& Z4 Ydeal between Athabasca and PetroChina International Investment Co.
# D- X% b. ?# f2 b( V! z" [$ ~Ltd. and finds its is likely to be of net benefit to Canada.
% a$ W4 `& J8 `6 [0 S# r9 x8 I2 t7 |7 m Clement says PetroChina and its parent, PetroChina Co. Ltd., have J& j0 V. e3 V0 j
made a number of significant commitments should they be allowed to
2 _: r0 d1 J5 l2 X& ?acquire control of the MacKay and Dover oil sands projects.* s4 Z* M; a: ^' d6 A
Among other things, the Chinese concerns have agreed to capital$ y- t$ B6 r8 u# q
expenditures in excess of $250 million for developing the properties
, p+ C& U8 K/ j, L5 tover the next three years.
4 ?2 z: w. @! p5 m. s) h, ? They have also pledged to increase employment levels in Canada as
/ Y+ h5 V, _1 F1 D5 ]' X. W% gthey develop the projects over the next three years and to maintain- B2 G- {6 z* s
an Alberta head office for operating companies associated with the
9 I* t" i0 }) o! {projects for the next five years.
( ^$ ?; S- A4 Z+ c+ i4 o" `9 k (The Canadian Press) |
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