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OTTAWA - Ottawa has given its blessing to the sale of properties: u' o n9 a. g# G! x; b
owned by Athabasca Oil Sands Corp. to a Chinese company.
, q) U: t4 A( d! N% s- c6 } ` Federal Industry Minister Tony Clement says he has reviewed the
4 `5 w4 {1 k2 @" e5 v/ ~1 udeal between Athabasca and PetroChina International Investment Co.
) u |" D: z& J5 wLtd. and finds its is likely to be of net benefit to Canada.
/ X5 a8 h' J# S$ _% ? Clement says PetroChina and its parent, PetroChina Co. Ltd., have6 s& `$ {% |+ @
made a number of significant commitments should they be allowed to8 O! c4 R! `* j1 u+ V; @) r2 J
acquire control of the MacKay and Dover oil sands projects.
% F; ^8 Z, U+ r8 m+ E; | Among other things, the Chinese concerns have agreed to capital
. U- l, R& C: @6 j3 `# Cexpenditures in excess of $250 million for developing the properties
$ U/ j- R3 M9 u1 f5 sover the next three years.
9 q& ~/ Y, j% R. @ They have also pledged to increase employment levels in Canada as+ e: r$ V' s+ g$ {
they develop the projects over the next three years and to maintain
' Q0 ?7 g4 W4 V: J5 qan Alberta head office for operating companies associated with the
( |6 l# n- U; t. [0 Y" v0 gprojects for the next five years.3 H) F9 f6 R; `" ?
(The Canadian Press) |
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