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OTTAWA - Ottawa has given its blessing to the sale of properties
1 t; {8 z& m3 U* Eowned by Athabasca Oil Sands Corp. to a Chinese company.' C6 q, [4 v- t* w6 s
Federal Industry Minister Tony Clement says he has reviewed the5 b0 _5 ]+ n5 ]" Z9 D" ]
deal between Athabasca and PetroChina International Investment Co.
! b3 P) R# ]& S- M/ r8 KLtd. and finds its is likely to be of net benefit to Canada./ ]0 R- Y% {2 O& O* ?
Clement says PetroChina and its parent, PetroChina Co. Ltd., have( M2 a9 L7 C8 _# t- c
made a number of significant commitments should they be allowed to
; _- V! U" c+ | x' a9 u. vacquire control of the MacKay and Dover oil sands projects.
7 M- r) W$ p5 M0 a. k( s/ O! e) m. m Among other things, the Chinese concerns have agreed to capital* S. j- Q. Q2 @
expenditures in excess of $250 million for developing the properties
! m1 Z+ G; F1 h/ J" B& H5 Aover the next three years.
- {$ t2 T6 D0 t They have also pledged to increase employment levels in Canada as1 K0 H. Q+ k( O) ?7 v; s, y- G
they develop the projects over the next three years and to maintain
, @% } L4 J$ X4 fan Alberta head office for operating companies associated with the6 g2 s6 K3 t1 w
projects for the next five years.
) O5 n& W; {2 [& J1 F (The Canadian Press) |
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