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OTTAWA - Ottawa has given its blessing to the sale of properties
, @& @+ ?( W' p; d3 |owned by Athabasca Oil Sands Corp. to a Chinese company.! j+ c* h) z% |; m
Federal Industry Minister Tony Clement says he has reviewed the
+ ^ }8 u* v0 R) Vdeal between Athabasca and PetroChina International Investment Co.
' W- ^& H+ a$ vLtd. and finds its is likely to be of net benefit to Canada./ p1 r! ~; P, h3 c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
) n* `' c1 M& M+ U k; `* Mmade a number of significant commitments should they be allowed to8 p7 _8 O/ ^- [% I5 R& Q8 O- G1 z
acquire control of the MacKay and Dover oil sands projects.. ^- Z3 U( r0 w9 D0 E
Among other things, the Chinese concerns have agreed to capital' A: C7 M0 K- N! A5 p# ]
expenditures in excess of $250 million for developing the properties3 i' m. ^# o8 j N
over the next three years.1 d' |# f8 F5 T3 B# g9 A' E
They have also pledged to increase employment levels in Canada as
) T. O$ T4 W/ y* `they develop the projects over the next three years and to maintain1 C1 G. z( P. s2 H0 r
an Alberta head office for operating companies associated with the* r' ~( [- I. B1 t7 R% z3 T- g0 q7 v
projects for the next five years.
5 |& D1 t4 A2 o+ I5 O2 X( z (The Canadian Press) |
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