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OTTAWA - Ottawa has given its blessing to the sale of properties
; y9 f- G& \. F ]) q0 ^3 ?owned by Athabasca Oil Sands Corp. to a Chinese company.
0 i: c3 ?* D% |% H% ~" @5 C7 ~ a# Z Federal Industry Minister Tony Clement says he has reviewed the
o. v4 |! k# q! u4 mdeal between Athabasca and PetroChina International Investment Co.
V: R6 L2 ~: F0 gLtd. and finds its is likely to be of net benefit to Canada. A0 H; y9 D/ M; j$ A! B* X
Clement says PetroChina and its parent, PetroChina Co. Ltd., have: W$ N2 H6 v2 Q8 p3 U
made a number of significant commitments should they be allowed to7 z+ C! ~. e: S. ?" H" b+ X( a6 R
acquire control of the MacKay and Dover oil sands projects.
7 P/ }- N! G6 m w+ _( ~: D Among other things, the Chinese concerns have agreed to capital
# F# K. A1 ^# `3 y9 aexpenditures in excess of $250 million for developing the properties$ K) `* \, V% D, M9 C" ?
over the next three years.
0 {0 S9 n# K2 o- C) a5 [ They have also pledged to increase employment levels in Canada as$ y: w/ i8 f- F5 z
they develop the projects over the next three years and to maintain- R) Z; l- g) I# m8 F
an Alberta head office for operating companies associated with the
0 H) k/ e4 h! e9 d J. R9 y9 G* Cprojects for the next five years.
! L8 d1 S& f; t0 W% [) y8 ~ (The Canadian Press) |
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