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OTTAWA - Ottawa has given its blessing to the sale of properties
6 D8 v, z+ w: M4 x. X" \owned by Athabasca Oil Sands Corp. to a Chinese company.
9 m( a; i1 j/ }0 q) R6 j* `8 Q Federal Industry Minister Tony Clement says he has reviewed the
3 H% x# x" [4 X, ideal between Athabasca and PetroChina International Investment Co.
& q2 l% P$ @8 h6 tLtd. and finds its is likely to be of net benefit to Canada.$ g4 x! \7 }0 E1 w" b$ L
Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 T* X+ a- z1 G; n5 y
made a number of significant commitments should they be allowed to
6 r* p. o8 f. ~2 Macquire control of the MacKay and Dover oil sands projects.8 o% ^9 ~2 k* }# ^7 E
Among other things, the Chinese concerns have agreed to capital
! o* c" P% R/ f& Gexpenditures in excess of $250 million for developing the properties
' | x, R5 p2 F# O9 b9 M- D' a, Eover the next three years.0 V0 {+ ~2 P' \+ \+ v7 T
They have also pledged to increase employment levels in Canada as6 `3 b, k; t$ H" v. E2 i
they develop the projects over the next three years and to maintain" l) a" [. V3 A1 I
an Alberta head office for operating companies associated with the
a5 W6 v0 ]& V. Q a: Iprojects for the next five years.( B" M2 Y1 E* n% c8 G8 E
(The Canadian Press) |
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