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OTTAWA - Ottawa has given its blessing to the sale of properties
" p' T6 m1 o9 i; R4 rowned by Athabasca Oil Sands Corp. to a Chinese company.1 F' b! ^ ^" x
Federal Industry Minister Tony Clement says he has reviewed the
( Y( q% ]1 B7 l/ _9 t2 Zdeal between Athabasca and PetroChina International Investment Co.% r2 F9 v+ }) I& K( z/ l
Ltd. and finds its is likely to be of net benefit to Canada.
3 @3 Z$ r9 y$ ~ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 p( ]8 R4 [' P+ z' ]5 ]made a number of significant commitments should they be allowed to
0 I1 z, s# v2 G3 V7 m ?acquire control of the MacKay and Dover oil sands projects.
; M6 M' p! u4 |6 g Among other things, the Chinese concerns have agreed to capital
* e/ F7 L4 u5 N5 n1 eexpenditures in excess of $250 million for developing the properties
! Q4 M+ k1 e' |- B- t4 ]& \over the next three years." W& C$ K: V8 j- o' |1 z
They have also pledged to increase employment levels in Canada as' w" \2 n' k) l$ w" l
they develop the projects over the next three years and to maintain
l9 G. B3 j$ U6 \an Alberta head office for operating companies associated with the
4 s) O5 P7 ~: L, iprojects for the next five years.
7 I/ a( x y5 K# O- ] (The Canadian Press) |
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