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OTTAWA - Ottawa has given its blessing to the sale of properties
. b+ k0 }" Y8 A, ^ R" J" r3 howned by Athabasca Oil Sands Corp. to a Chinese company.
9 W4 f S) q" D9 a Federal Industry Minister Tony Clement says he has reviewed the/ E' |( } J+ S. M0 A2 r
deal between Athabasca and PetroChina International Investment Co.
- d! v; X( _$ _' MLtd. and finds its is likely to be of net benefit to Canada.
( D$ W$ l8 `3 a6 k5 n Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; Q+ s+ g( e- j0 Nmade a number of significant commitments should they be allowed to& @; L+ g- T+ C$ V1 ~
acquire control of the MacKay and Dover oil sands projects.# P) Q% s( ?/ i' Y* I$ f5 S, d
Among other things, the Chinese concerns have agreed to capital
5 |! _/ N7 ~ T" Q8 t, @; \8 v2 Eexpenditures in excess of $250 million for developing the properties
4 \; ^' H2 y' }; X1 @over the next three years./ Z, q) S: G6 s8 d1 h4 a
They have also pledged to increase employment levels in Canada as* C3 K; p5 ?; O- h# j% r' L- B
they develop the projects over the next three years and to maintain
/ {# Z. H1 @0 n- T- r* Oan Alberta head office for operating companies associated with the' o3 B3 l4 o6 X6 V7 H, _! d2 n* S
projects for the next five years.
, J' Q0 f7 R6 i7 \8 Y (The Canadian Press) |
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