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OTTAWA - Ottawa has given its blessing to the sale of properties8 i1 z. U3 h/ o) |2 }
owned by Athabasca Oil Sands Corp. to a Chinese company.( z- r. J- v5 i0 O
Federal Industry Minister Tony Clement says he has reviewed the
$ R- O, H; E% L1 Ideal between Athabasca and PetroChina International Investment Co.
* C8 b2 G) G2 t" D) GLtd. and finds its is likely to be of net benefit to Canada.2 m B/ ^* g8 f/ C
Clement says PetroChina and its parent, PetroChina Co. Ltd., have& n4 c' ^* M( d$ L* ^& J
made a number of significant commitments should they be allowed to% ?+ F5 y4 H2 R1 O; y
acquire control of the MacKay and Dover oil sands projects.7 I& X: }# X2 i5 B
Among other things, the Chinese concerns have agreed to capital
( {, f4 h) }9 g' \expenditures in excess of $250 million for developing the properties
4 v9 D+ }2 F/ T# i$ vover the next three years.
2 p" K* e! B9 ^ They have also pledged to increase employment levels in Canada as
2 W$ V/ [: a) V" Uthey develop the projects over the next three years and to maintain4 x3 i7 E+ @" Q6 Y/ S7 |1 S
an Alberta head office for operating companies associated with the
% J' x, |& g- Y4 D9 uprojects for the next five years.
, F5 s5 ~- Q6 m2 f4 @& @ (The Canadian Press) |
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