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OTTAWA - Ottawa has given its blessing to the sale of properties
* m8 u) ^+ C* w" l: E. p! Nowned by Athabasca Oil Sands Corp. to a Chinese company.3 J0 r' h1 F5 R( W
Federal Industry Minister Tony Clement says he has reviewed the4 i! p# K# j" ?+ z, L
deal between Athabasca and PetroChina International Investment Co.- V/ I% V# u( g% }% Y
Ltd. and finds its is likely to be of net benefit to Canada.
5 ^, H$ ~ B, I2 V Clement says PetroChina and its parent, PetroChina Co. Ltd., have, }7 r j" P- s0 G _
made a number of significant commitments should they be allowed to8 Z- Z8 O+ B+ o2 `3 `4 f
acquire control of the MacKay and Dover oil sands projects.
' H- f4 w" A" K& R Among other things, the Chinese concerns have agreed to capital
9 @. C: `% X- P1 N! N* Mexpenditures in excess of $250 million for developing the properties3 h: H8 l! ]4 h( A
over the next three years.
* k# ^- u+ m, g9 [0 ]0 L They have also pledged to increase employment levels in Canada as& F ?# }7 l: Z3 s2 R
they develop the projects over the next three years and to maintain) n- [: r' }4 v: E
an Alberta head office for operating companies associated with the
0 b a6 Q! y, G2 B3 X0 Fprojects for the next five years.
7 Y5 u% d; E& A, ` (The Canadian Press) |
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