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OTTAWA - Ottawa has given its blessing to the sale of properties
* G8 X- S! `$ Towned by Athabasca Oil Sands Corp. to a Chinese company.
4 j: f; b3 I- [8 r% X Federal Industry Minister Tony Clement says he has reviewed the2 a6 _$ J( ]* E p6 \; J, N
deal between Athabasca and PetroChina International Investment Co.$ O5 R# k4 i6 V. M
Ltd. and finds its is likely to be of net benefit to Canada.& R h f, w" @! l3 t4 a( n
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
+ z* p: p" h4 |# A7 N. Pmade a number of significant commitments should they be allowed to
: X3 T1 S& p: \9 X. A1 Oacquire control of the MacKay and Dover oil sands projects.
! d! ^. I- F# Q* B& z3 h. `$ G1 r Among other things, the Chinese concerns have agreed to capital
0 w& @ T' K* ~& Rexpenditures in excess of $250 million for developing the properties, U# ]6 ], I0 M9 A1 ]0 a7 ?
over the next three years.
/ U2 t8 V" y7 R8 F% ?" c They have also pledged to increase employment levels in Canada as
( }1 r. ~5 I% Z6 n' S) t8 n% Uthey develop the projects over the next three years and to maintain( n& [, g* U9 `' S; c" t- f
an Alberta head office for operating companies associated with the
) g* N: z8 m2 E: kprojects for the next five years.7 C' w0 w3 W5 s# | J
(The Canadian Press) |
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