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OTTAWA - Ottawa has given its blessing to the sale of properties3 K8 ?4 D. O! O: s8 G4 U
owned by Athabasca Oil Sands Corp. to a Chinese company.
`3 H2 c& C4 n$ Z, w, ` Federal Industry Minister Tony Clement says he has reviewed the+ A8 J: l f2 _0 s" H
deal between Athabasca and PetroChina International Investment Co.
" \! Q' f) m& S4 s5 G% j/ x! aLtd. and finds its is likely to be of net benefit to Canada.) u6 y7 A: R+ f) o3 `1 Y: x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 v) t$ F" m5 e/ Vmade a number of significant commitments should they be allowed to
$ Q6 y' ^6 N/ y2 `% `, N6 _acquire control of the MacKay and Dover oil sands projects.1 L! c- x: l- p. W% h
Among other things, the Chinese concerns have agreed to capital+ b1 g( n! N' f& U3 F9 t
expenditures in excess of $250 million for developing the properties
* a! N8 A0 y. U1 @, L b! }over the next three years.
# c' \2 a, X# j$ u They have also pledged to increase employment levels in Canada as/ K8 z* H" I( s, Z1 T1 G+ H7 Q3 \
they develop the projects over the next three years and to maintain0 w( [) t1 R7 p# g
an Alberta head office for operating companies associated with the; C. }4 H* b$ l+ w; y" O
projects for the next five years.
& G0 d9 `# H: V8 n (The Canadian Press) |
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