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OTTAWA - Ottawa has given its blessing to the sale of properties; a8 J. f8 f+ _1 Y* l* R
owned by Athabasca Oil Sands Corp. to a Chinese company./ N6 E, K7 ^( [
Federal Industry Minister Tony Clement says he has reviewed the
3 P) n9 O8 t( s. t0 X7 Ydeal between Athabasca and PetroChina International Investment Co.
" _! K3 ?, _ w+ X# lLtd. and finds its is likely to be of net benefit to Canada./ x1 J3 H. c k) e% |5 f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ Y, l. y( {: {' K8 k$ @
made a number of significant commitments should they be allowed to
* M0 R5 H% i( t ^# _acquire control of the MacKay and Dover oil sands projects.
& _& p# s+ g% Q% O+ C7 @ Among other things, the Chinese concerns have agreed to capital
4 y3 I. A6 n3 `5 a m+ X( E' {expenditures in excess of $250 million for developing the properties) o2 g8 G. w; `! w( ?) p; v5 b
over the next three years.
3 M {, x9 d0 w7 f5 @) A) r They have also pledged to increase employment levels in Canada as, y2 L P- _; Y q
they develop the projects over the next three years and to maintain/ e/ }# b3 M, s( l
an Alberta head office for operating companies associated with the
6 t" R! K% n' |+ a0 yprojects for the next five years.
) d- r) l7 x0 F3 ]( q. @; p7 n" n (The Canadian Press) |
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