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OTTAWA - Ottawa has given its blessing to the sale of properties
6 m8 R1 I% s8 @! K( Towned by Athabasca Oil Sands Corp. to a Chinese company.
; T W& x* c! | j Federal Industry Minister Tony Clement says he has reviewed the
4 X& M8 X4 P L# wdeal between Athabasca and PetroChina International Investment Co.5 Z, @+ d9 L7 x/ b. }+ \6 j
Ltd. and finds its is likely to be of net benefit to Canada.
9 y4 X) g W+ C( f: } Clement says PetroChina and its parent, PetroChina Co. Ltd., have
9 w! p; O2 R$ P; L1 qmade a number of significant commitments should they be allowed to: N* K* Z- J q' P
acquire control of the MacKay and Dover oil sands projects.
0 I8 h0 h: e# A: N$ m0 N7 G Among other things, the Chinese concerns have agreed to capital
# r; m& E: o" A6 f0 @* b3 Hexpenditures in excess of $250 million for developing the properties) ?% w/ M! v) P, x
over the next three years.& _6 `2 B+ Y$ d+ R+ @
They have also pledged to increase employment levels in Canada as
& Q: q+ |3 L3 d& Q9 nthey develop the projects over the next three years and to maintain1 X' N% ]$ T/ ~6 W, o3 e
an Alberta head office for operating companies associated with the
2 X3 k( V- y4 Kprojects for the next five years./ l$ o L8 E, A; K! ~
(The Canadian Press) |
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