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OTTAWA - Ottawa has given its blessing to the sale of properties
+ x0 @# M8 c# M+ `5 Y4 J7 jowned by Athabasca Oil Sands Corp. to a Chinese company.- J) N f9 `; w' F
Federal Industry Minister Tony Clement says he has reviewed the
9 r2 I- c% G/ k! d* |6 b5 ndeal between Athabasca and PetroChina International Investment Co.
3 u( l- s4 B! V; J$ {+ vLtd. and finds its is likely to be of net benefit to Canada.
* l9 u0 V9 v1 L. }( D2 u$ \ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
) G- W0 h( a+ h5 Z# B$ x. smade a number of significant commitments should they be allowed to5 a" a( f8 J2 T% E8 I1 J/ W2 @
acquire control of the MacKay and Dover oil sands projects.6 c7 \+ V8 A' ^5 Y/ r8 M9 ]
Among other things, the Chinese concerns have agreed to capital
% T" ?0 r# F$ t' Qexpenditures in excess of $250 million for developing the properties& ~; X( }9 I" j( g* @( m& l
over the next three years.
$ }5 g& f4 Q7 ~5 h% a, h8 _- z% e They have also pledged to increase employment levels in Canada as
8 x$ c, `% P# s2 M! }9 Hthey develop the projects over the next three years and to maintain
( C+ Z# X. i0 q5 c) p3 d. |, wan Alberta head office for operating companies associated with the9 N% t {' Z h7 M% {
projects for the next five years.
9 k% H7 C1 G; W. J: L; w' y (The Canadian Press) |
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