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OTTAWA - Ottawa has given its blessing to the sale of properties
2 R) {9 A* D) v# e/ [3 S6 }% zowned by Athabasca Oil Sands Corp. to a Chinese company.' Q O, ^( A F' L* Y) S
Federal Industry Minister Tony Clement says he has reviewed the d! B* ~- _* `1 O
deal between Athabasca and PetroChina International Investment Co.
) y+ J8 i7 ]8 }0 K, ~ \; iLtd. and finds its is likely to be of net benefit to Canada.
& f# y! \% R* B4 m8 I0 F4 o Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ ]1 f6 |- _ W; Q/ Q2 A
made a number of significant commitments should they be allowed to
3 {, L4 k2 m+ v. F. `. J1 T1 Lacquire control of the MacKay and Dover oil sands projects.
+ r+ j8 v- q5 D- v# o Among other things, the Chinese concerns have agreed to capital
" ?1 I5 l% r$ K Y2 `' y4 @' gexpenditures in excess of $250 million for developing the properties
8 T; {1 P/ e! ^! x- y& Z0 lover the next three years.
" Y8 U. A e8 } They have also pledged to increase employment levels in Canada as+ M6 q) Y8 F! G9 M( t
they develop the projects over the next three years and to maintain
7 N4 q4 k6 l0 T1 [. `. _an Alberta head office for operating companies associated with the
/ z1 S, L/ D) o2 C% M* cprojects for the next five years.
; ~* H3 C7 T" V' ]5 d' _ (The Canadian Press) |
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