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OTTAWA - Ottawa has given its blessing to the sale of properties: X, P6 J, J/ K: M" n4 M& }* ]) `
owned by Athabasca Oil Sands Corp. to a Chinese company.% H, }/ ^' E1 G- G6 m9 ?
Federal Industry Minister Tony Clement says he has reviewed the" r8 ?1 }) e& N( ]% G; {4 E
deal between Athabasca and PetroChina International Investment Co.
5 ~) [) @& i& m& I( U( I# D( dLtd. and finds its is likely to be of net benefit to Canada.: N2 X/ C6 Y& _- {
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 R: ~2 j$ t9 T
made a number of significant commitments should they be allowed to
2 R9 c) s0 F9 V) h- iacquire control of the MacKay and Dover oil sands projects.1 r* z( A7 x3 Y T9 Z; t
Among other things, the Chinese concerns have agreed to capital
: R& h" T8 \* z7 I2 K- p) lexpenditures in excess of $250 million for developing the properties
9 E+ G2 Z% V% ^5 a1 v* ]/ |! pover the next three years.7 s* {/ j+ X# T* x' Q
They have also pledged to increase employment levels in Canada as
^8 y& Y1 A% ?they develop the projects over the next three years and to maintain; s, a0 R- U# P/ Q# U/ T* Q* ^
an Alberta head office for operating companies associated with the
" j: P* ]% |6 | A: O% Mprojects for the next five years.
# `- K0 ?' Z7 p. g (The Canadian Press) |
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