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OTTAWA - Ottawa has given its blessing to the sale of properties
, f9 ]0 `( W: `- I+ V/ I oowned by Athabasca Oil Sands Corp. to a Chinese company.! I W3 Z Y: }) l5 K- J% S3 ]" M
Federal Industry Minister Tony Clement says he has reviewed the
0 x# f9 {! ?6 O0 d1 ydeal between Athabasca and PetroChina International Investment Co.
! s) [1 ~' h w- MLtd. and finds its is likely to be of net benefit to Canada.! S8 ]* d4 `8 X% U3 }, l0 `
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ e, P5 K2 [2 v8 j' p4 t& {made a number of significant commitments should they be allowed to
' Z% A9 m0 W( K# R4 tacquire control of the MacKay and Dover oil sands projects.* h$ _% A1 O& S$ ~2 v2 P9 m8 c) A
Among other things, the Chinese concerns have agreed to capital. [- Y- A+ ?9 f/ Q9 U4 h, [' c
expenditures in excess of $250 million for developing the properties
( _# q2 V* V' eover the next three years.; _) g/ f9 T0 n) {2 B0 ^7 N
They have also pledged to increase employment levels in Canada as1 @& `- L# b8 p$ b$ s, p
they develop the projects over the next three years and to maintain
A G$ y! j/ j4 ^an Alberta head office for operating companies associated with the
, j) X, a K O/ d) a5 t* y; ~projects for the next five years.
2 B9 w. N- ]7 b# p, r (The Canadian Press) |
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