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OTTAWA - Ottawa has given its blessing to the sale of properties
8 {8 b+ N$ n8 I% Y$ F+ j- b) I: \( ]1 P# Oowned by Athabasca Oil Sands Corp. to a Chinese company.
: q5 ~: Q; z5 `9 w9 k Federal Industry Minister Tony Clement says he has reviewed the; k, t% w3 P7 w. ], @
deal between Athabasca and PetroChina International Investment Co." E0 S. L7 G k1 T
Ltd. and finds its is likely to be of net benefit to Canada.
+ J* v1 O. _2 _4 B4 ?8 ?! t+ B Clement says PetroChina and its parent, PetroChina Co. Ltd., have) U; B' k2 w8 K% r
made a number of significant commitments should they be allowed to+ V% x4 H' Q7 f! X" N, h9 c
acquire control of the MacKay and Dover oil sands projects.
; C: _' ?4 h+ S( P" x" r' C( F; B Among other things, the Chinese concerns have agreed to capital
0 ^/ X7 \2 T# dexpenditures in excess of $250 million for developing the properties% _5 Q! s0 z' K2 o: Q
over the next three years.1 i- p9 } ~/ ~# o5 F
They have also pledged to increase employment levels in Canada as
, C# Y/ Y! d" G9 T2 Lthey develop the projects over the next three years and to maintain
: x* \# c$ w) O Xan Alberta head office for operating companies associated with the
0 [7 z% X0 e4 d6 t7 b8 R8 a' o, ?projects for the next five years., J" W9 ?6 P# y& X
(The Canadian Press) |
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