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OTTAWA - Ottawa has given its blessing to the sale of properties
8 a: }0 w, n0 x* I" e+ Howned by Athabasca Oil Sands Corp. to a Chinese company.
2 j' C/ @4 ?% Y& H; z' j, N$ r# {" a Federal Industry Minister Tony Clement says he has reviewed the- F5 |; m3 Y4 r) Q% y
deal between Athabasca and PetroChina International Investment Co." ]6 O, k b2 q+ `7 X9 e
Ltd. and finds its is likely to be of net benefit to Canada.6 \) @* U# H( V8 s7 J
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) i1 n% m% ^/ q/ Z1 T# X
made a number of significant commitments should they be allowed to8 y4 |' o& g) A2 x- z$ n
acquire control of the MacKay and Dover oil sands projects.
n; F ~8 S! o) N$ _ Among other things, the Chinese concerns have agreed to capital1 i# ^+ o& n' ^& y. C! r
expenditures in excess of $250 million for developing the properties
& A" q G( h: {. l, {1 k; zover the next three years.- U$ t @ I( J$ q
They have also pledged to increase employment levels in Canada as
8 L8 F' w" L0 D4 C( [1 t' _they develop the projects over the next three years and to maintain
+ M) r0 U% Y* \" ]7 Ban Alberta head office for operating companies associated with the% ?0 B9 H% H) Y2 y! {
projects for the next five years.
2 _% g. \+ q' A$ q (The Canadian Press) |
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