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OTTAWA - Ottawa has given its blessing to the sale of properties
) [! j' s! Q$ u& ~" Sowned by Athabasca Oil Sands Corp. to a Chinese company.$ O* u. n) n5 d( a
Federal Industry Minister Tony Clement says he has reviewed the! b: f. s0 u% b& o! c
deal between Athabasca and PetroChina International Investment Co.' ^ c1 G) z' f$ [* o( j- a: l
Ltd. and finds its is likely to be of net benefit to Canada.
h# k' ^5 D7 t& |4 X r: r3 P* h Clement says PetroChina and its parent, PetroChina Co. Ltd., have/ b* `2 R# ? {6 m
made a number of significant commitments should they be allowed to% m/ k" y' Q& `3 t$ i9 Q
acquire control of the MacKay and Dover oil sands projects.
9 K0 z$ s: Z7 n+ s6 A Among other things, the Chinese concerns have agreed to capital
4 q5 O7 l+ U# I- {' kexpenditures in excess of $250 million for developing the properties
9 K8 C% C3 w& [, z4 [% Cover the next three years.0 S# d/ n1 t" d& h" ?6 z
They have also pledged to increase employment levels in Canada as
8 I. `8 i2 t; h8 Q9 _2 i. U. Kthey develop the projects over the next three years and to maintain
0 k- z, X$ b! Z. J3 S- P+ {( aan Alberta head office for operating companies associated with the+ Y/ z7 v: X) I, g& q, R& }$ Z& Z, B
projects for the next five years.% Q$ }5 w: O6 s* C
(The Canadian Press) |
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