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OTTAWA - Ottawa has given its blessing to the sale of properties
& J$ }% j1 b" T6 `2 e, ] powned by Athabasca Oil Sands Corp. to a Chinese company.- O0 @, m/ Y" J7 B1 U2 ]3 Z
Federal Industry Minister Tony Clement says he has reviewed the
9 Y5 j2 X" \- {" o( b0 ideal between Athabasca and PetroChina International Investment Co.
/ G1 m, ?! t, l& ELtd. and finds its is likely to be of net benefit to Canada.' R2 C3 A7 s' z6 `: {$ n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 W2 a/ o# o* Q4 q$ c: a1 \made a number of significant commitments should they be allowed to0 w5 g3 K, Z0 t3 J5 {' X! T
acquire control of the MacKay and Dover oil sands projects.0 X; l% v1 W+ t3 I3 @! G, a; ?
Among other things, the Chinese concerns have agreed to capital
; d5 d, d* G& J; R) @/ eexpenditures in excess of $250 million for developing the properties
% w& c4 |# m! @& s+ j; _over the next three years.$ R' t( L8 t7 D7 D4 g! y
They have also pledged to increase employment levels in Canada as
* d7 V- x% {' b# I0 _they develop the projects over the next three years and to maintain6 d; B6 b& Z2 d* |3 {
an Alberta head office for operating companies associated with the
4 F6 O" ~+ X! P, Kprojects for the next five years.+ ?: o& h/ I% H* e2 _% S% V4 F
(The Canadian Press) |
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