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OTTAWA - Ottawa has given its blessing to the sale of properties
! l4 f4 K6 O; e: S3 ?owned by Athabasca Oil Sands Corp. to a Chinese company.
! s( [3 Y: E, ^$ x& T1 N& b8 L Federal Industry Minister Tony Clement says he has reviewed the5 W& X" v( L: ]/ H
deal between Athabasca and PetroChina International Investment Co.
# p# |5 n1 m1 U0 `" [0 ]Ltd. and finds its is likely to be of net benefit to Canada.
' o- L( z- k4 k6 _& p Clement says PetroChina and its parent, PetroChina Co. Ltd., have
6 @- Z2 j# F! y, e, qmade a number of significant commitments should they be allowed to
5 h5 k2 N& C5 Facquire control of the MacKay and Dover oil sands projects.1 D2 v) Y, d# |' N
Among other things, the Chinese concerns have agreed to capital1 M0 n4 w" A# i, Q
expenditures in excess of $250 million for developing the properties
4 s& X i$ P! I$ |over the next three years.8 I, e' x9 T! F: P9 j
They have also pledged to increase employment levels in Canada as
3 [1 x! p8 G/ H) s/ ithey develop the projects over the next three years and to maintain+ n3 j- k; g: f+ {# \: x
an Alberta head office for operating companies associated with the) g- f0 g E' W/ u
projects for the next five years.3 g/ j/ v( ^8 d, v
(The Canadian Press) |
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