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OTTAWA - Ottawa has given its blessing to the sale of properties
% x' a3 D( S7 C `' S4 s' F* Fowned by Athabasca Oil Sands Corp. to a Chinese company.
7 C, @% [5 C1 y4 `# |" \( u Federal Industry Minister Tony Clement says he has reviewed the3 A* ^2 G$ B" Q) q0 T, V
deal between Athabasca and PetroChina International Investment Co.1 @. q9 F/ D, Z% b6 \& k0 d# R, i
Ltd. and finds its is likely to be of net benefit to Canada.. q3 R2 ~4 K3 `
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
; G6 p- N3 L( W1 ~8 [$ t& cmade a number of significant commitments should they be allowed to
6 X# ~4 k7 {$ ?- w" V' Q/ pacquire control of the MacKay and Dover oil sands projects.
7 b1 T9 |' B- L5 b# l6 o Among other things, the Chinese concerns have agreed to capital
/ v, q& d2 ?4 O2 e% R* U1 d0 lexpenditures in excess of $250 million for developing the properties
6 j" j# ^: g( \over the next three years.! w& }8 o6 M* L5 w& b& \
They have also pledged to increase employment levels in Canada as
" d M# i6 m; dthey develop the projects over the next three years and to maintain7 R/ l$ G _( G9 d S- K5 y3 P
an Alberta head office for operating companies associated with the
7 U. t; D* ^2 b4 p' gprojects for the next five years.- v$ i9 N# o7 ]! A' ?# t
(The Canadian Press) |
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