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OTTAWA - Ottawa has given its blessing to the sale of properties
$ L# b- R. j0 h0 powned by Athabasca Oil Sands Corp. to a Chinese company. t ]# C0 g7 {$ p
Federal Industry Minister Tony Clement says he has reviewed the
% {4 L$ _9 |9 T. v% x2 P4 N) U4 Xdeal between Athabasca and PetroChina International Investment Co.
: \+ N" Q! z, t5 I" n xLtd. and finds its is likely to be of net benefit to Canada.. g8 T, Q- @7 O% I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
3 Q* `! ~8 v/ x$ P0 vmade a number of significant commitments should they be allowed to# X* l2 D4 i' K) x7 Y, z2 {' |
acquire control of the MacKay and Dover oil sands projects.1 w% U, @; N) w2 I
Among other things, the Chinese concerns have agreed to capital" j# ?& w% Y! j+ ~9 G9 y% S& ^0 j: X
expenditures in excess of $250 million for developing the properties
: b4 p& h% A5 {# c9 jover the next three years.
9 ]0 l7 K5 ?; x6 o. |7 ? They have also pledged to increase employment levels in Canada as1 M) S% `9 M" V5 `( i% r
they develop the projects over the next three years and to maintain9 n ~) t) x& F; s# h; P8 `
an Alberta head office for operating companies associated with the
+ T6 L0 u( k; Q! R* Q, {' Vprojects for the next five years.
: g$ O8 T' l1 [1 N' `9 g (The Canadian Press) |
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