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OTTAWA - Ottawa has given its blessing to the sale of properties
: L2 M) ]" K7 Z2 wowned by Athabasca Oil Sands Corp. to a Chinese company.( b0 [& Z. l1 @1 }2 Z. ]
Federal Industry Minister Tony Clement says he has reviewed the* P& Z. U" q7 _% W2 Z# l. G1 Q
deal between Athabasca and PetroChina International Investment Co.
) X9 L; {6 Q" e; c+ G! v, pLtd. and finds its is likely to be of net benefit to Canada.
2 o! A4 p% B7 C, ^6 C+ M u2 e. E Clement says PetroChina and its parent, PetroChina Co. Ltd., have& L7 u3 A4 E) }# U) i
made a number of significant commitments should they be allowed to8 h9 ]8 i4 y8 r: V4 D
acquire control of the MacKay and Dover oil sands projects.
' w4 x$ ^7 a9 Z" b1 Y& \ Among other things, the Chinese concerns have agreed to capital+ z$ P' E1 H2 i9 {+ s2 F
expenditures in excess of $250 million for developing the properties5 B6 J. J: _) ` h3 c* d1 n2 f
over the next three years.7 L; t# @9 b7 g) o& U
They have also pledged to increase employment levels in Canada as
9 R, S0 {0 E8 d4 ]they develop the projects over the next three years and to maintain2 m( k2 r- X# ~+ V2 [0 m% I# M5 G' @$ R
an Alberta head office for operating companies associated with the% p" ` V& ? |( Z: J0 [0 b
projects for the next five years.
0 ]5 }6 |0 }; a5 P+ d$ O (The Canadian Press) |
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