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OTTAWA - Ottawa has given its blessing to the sale of properties( ` F: V7 w7 H* l; n+ y) J' }
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ K Q5 ^- C7 q6 Z- y$ w* L Federal Industry Minister Tony Clement says he has reviewed the
: q9 c2 X* V' V0 o6 u% s Gdeal between Athabasca and PetroChina International Investment Co.8 W& y- t1 ^4 n% d; X
Ltd. and finds its is likely to be of net benefit to Canada.
5 R. ]- s" g' u. K0 |, _. w Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 e- S6 v4 c% G# H' q& V
made a number of significant commitments should they be allowed to2 B. n1 M, x* [' E# n
acquire control of the MacKay and Dover oil sands projects.$ V: w* d( O* \' `6 f2 F, _
Among other things, the Chinese concerns have agreed to capital
* ~5 f& i; b- i; K* O/ yexpenditures in excess of $250 million for developing the properties
; q: S5 i; g; a) E3 `" [over the next three years.3 o% c3 z, e' B! T4 F
They have also pledged to increase employment levels in Canada as$ g* a& ^& Z, L# S6 R% r
they develop the projects over the next three years and to maintain4 N6 E$ [2 ?8 }, @9 m
an Alberta head office for operating companies associated with the
! t9 c' ^4 g+ U; y' Lprojects for the next five years.# N% ?4 V- {& A, |0 L5 o
(The Canadian Press) |
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