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OTTAWA - Ottawa has given its blessing to the sale of properties
/ \: w. r5 t9 w4 |owned by Athabasca Oil Sands Corp. to a Chinese company.
& w" x; G- H2 ~6 d7 H( t Federal Industry Minister Tony Clement says he has reviewed the4 L( U8 N. g5 R" O* b
deal between Athabasca and PetroChina International Investment Co.
6 N7 T1 ~" j* ]; }2 E* ELtd. and finds its is likely to be of net benefit to Canada.7 X+ o4 \8 O$ V' L: M& }" r# T
Clement says PetroChina and its parent, PetroChina Co. Ltd., have y+ V0 D. _ A5 e7 C
made a number of significant commitments should they be allowed to
1 [0 E7 U; r0 q3 s6 U. Q8 \+ k, u) Lacquire control of the MacKay and Dover oil sands projects.
9 e4 o( D; v% Q% N Among other things, the Chinese concerns have agreed to capital4 S* K9 x5 @6 t( o7 p X
expenditures in excess of $250 million for developing the properties' G8 D% Q5 X# R5 v
over the next three years.
% G8 k1 r- p! f6 q& J They have also pledged to increase employment levels in Canada as" \2 V2 S' n, z& M$ G+ d' M8 @
they develop the projects over the next three years and to maintain6 q, U3 o% i S" o# a. p
an Alberta head office for operating companies associated with the' `& Z) h8 Q" Q9 m+ q6 p0 A3 ^
projects for the next five years.
2 V0 Y, z1 j$ ^8 b0 M* x4 M- F, E (The Canadian Press) |
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