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OTTAWA - Ottawa has given its blessing to the sale of properties- d* N' k# s# e1 @
owned by Athabasca Oil Sands Corp. to a Chinese company.7 j1 a; h5 z2 N/ ^
Federal Industry Minister Tony Clement says he has reviewed the
+ ?! T s3 \' q6 wdeal between Athabasca and PetroChina International Investment Co.. N3 l6 q8 ~* y9 j/ Y# V% `' |
Ltd. and finds its is likely to be of net benefit to Canada./ H% A' S0 s# p' C/ w2 l/ m
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( f& B4 N( r2 Q( [* [. xmade a number of significant commitments should they be allowed to
. R2 m. ]3 u( v; ~ [acquire control of the MacKay and Dover oil sands projects. E* o% s2 W1 p+ Z, ^
Among other things, the Chinese concerns have agreed to capital
! y6 T& C1 y ]" B9 k' e/ mexpenditures in excess of $250 million for developing the properties
( J) S! Q5 d# b. V, W* P9 _over the next three years.! @4 q) O% O5 K4 B! Y+ t
They have also pledged to increase employment levels in Canada as% j( I; y4 `: P5 G# m y5 h
they develop the projects over the next three years and to maintain4 l% @' H! i& K6 m) b
an Alberta head office for operating companies associated with the
% z3 B6 N; b( p) u0 H3 S, yprojects for the next five years.
8 r+ R# s# L1 [0 ] (The Canadian Press) |
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