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OTTAWA - Ottawa has given its blessing to the sale of properties5 ]7 ?6 |" f0 W6 E4 L
owned by Athabasca Oil Sands Corp. to a Chinese company.
6 X$ t' D" y* Z' A Federal Industry Minister Tony Clement says he has reviewed the
! B$ ?2 Y% @( A! cdeal between Athabasca and PetroChina International Investment Co.
N Z$ e* {- B E& zLtd. and finds its is likely to be of net benefit to Canada.
! M1 N; Q8 w7 r( g Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ y+ K' Y7 N$ z5 Q/ W) T; D6 O
made a number of significant commitments should they be allowed to. d; v" m8 J; K; l7 x. B1 S9 p8 L
acquire control of the MacKay and Dover oil sands projects.$ ]8 `. ]) A1 X( k
Among other things, the Chinese concerns have agreed to capital) i; s5 D% X" S5 @+ t
expenditures in excess of $250 million for developing the properties
! B- R1 x+ W# U: }, `6 {; Oover the next three years.
8 j4 i1 N2 y: R9 @2 A, X( M' U They have also pledged to increase employment levels in Canada as- R1 H9 R) N4 x; t: C
they develop the projects over the next three years and to maintain
' ^/ y; O% T4 o7 F! g5 Man Alberta head office for operating companies associated with the
/ ]% ]2 h/ o2 W8 q/ Jprojects for the next five years.
# ^5 W6 r' s k( [$ ^ (The Canadian Press) |
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