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OTTAWA - Ottawa has given its blessing to the sale of properties$ M' u% k \4 K! _
owned by Athabasca Oil Sands Corp. to a Chinese company.0 E5 r T. l# G+ e
Federal Industry Minister Tony Clement says he has reviewed the
$ W* b6 v2 L" M$ S0 Tdeal between Athabasca and PetroChina International Investment Co.7 \; n, L, u8 j3 H8 A' N! D; }7 C' G6 V
Ltd. and finds its is likely to be of net benefit to Canada.
9 O! S3 g8 B+ P- i2 K Clement says PetroChina and its parent, PetroChina Co. Ltd., have
2 _# C0 K+ ]7 e) emade a number of significant commitments should they be allowed to
9 t% [" X F* `( o" lacquire control of the MacKay and Dover oil sands projects.8 T) }% A. |) j$ K# w
Among other things, the Chinese concerns have agreed to capital
$ D( P6 i5 I9 l$ K8 P6 X, b) iexpenditures in excess of $250 million for developing the properties/ F4 V9 p8 V0 }; i* n! C% F+ w
over the next three years.
# H* A2 {( D0 P2 X! K0 V/ i9 j They have also pledged to increase employment levels in Canada as* t. S9 ^, Q) v. t
they develop the projects over the next three years and to maintain
# f5 h: y( G! B: o- zan Alberta head office for operating companies associated with the9 C4 m& A# T5 K- n! \5 O5 K' d
projects for the next five years.
" w3 b3 C6 x% ?% J2 e8 L (The Canadian Press) |
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