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OTTAWA - Ottawa has given its blessing to the sale of properties
, e. J- T: n$ I, _( H7 O# C4 jowned by Athabasca Oil Sands Corp. to a Chinese company.
6 d1 ^' A5 U1 e9 y" `3 ~8 x6 o Federal Industry Minister Tony Clement says he has reviewed the
+ }% ~+ X' Z: k5 D- t2 l: |deal between Athabasca and PetroChina International Investment Co.
0 H8 t% p' y! `: }: [3 [$ qLtd. and finds its is likely to be of net benefit to Canada.! y" Y9 M1 n9 A2 c0 ?6 g& i! r
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' B' R; J. H; u6 o& p
made a number of significant commitments should they be allowed to
2 u, V8 r9 {; M5 A! h; b1 aacquire control of the MacKay and Dover oil sands projects.4 u$ R' }% i& z8 g+ i! i$ {$ {' I
Among other things, the Chinese concerns have agreed to capital
6 W; C$ o8 I) u( d5 ^2 `3 \( l) f2 rexpenditures in excess of $250 million for developing the properties" W/ ?- S3 q7 `! P
over the next three years.
2 I& K8 t' G# f+ u9 C2 K. O! J They have also pledged to increase employment levels in Canada as2 e7 c( Q2 W; l. S Q4 V( f! l$ C% j
they develop the projects over the next three years and to maintain4 ?* B" |/ F- Z6 T4 i1 n! X F! t
an Alberta head office for operating companies associated with the0 U& o6 k5 h) I+ p/ E4 ^
projects for the next five years.
3 t4 X' J' U, ~* v- l8 ? (The Canadian Press) |
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