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OTTAWA - Ottawa has given its blessing to the sale of properties6 @9 @% v: d! v' ^
owned by Athabasca Oil Sands Corp. to a Chinese company.' s7 D) P; W6 Q) Z; Z( d( w
Federal Industry Minister Tony Clement says he has reviewed the
; \- ~+ I+ e8 a- O; edeal between Athabasca and PetroChina International Investment Co.
6 s6 m# m. K% p4 NLtd. and finds its is likely to be of net benefit to Canada.( o6 g6 o4 x8 |5 q& X: l6 d( b/ `
Clement says PetroChina and its parent, PetroChina Co. Ltd., have1 x8 _- B! h9 @1 s
made a number of significant commitments should they be allowed to) V) a5 b$ B) u& N3 I# {! m
acquire control of the MacKay and Dover oil sands projects.9 H; _( F4 X4 h5 @4 `
Among other things, the Chinese concerns have agreed to capital
! K+ M% K4 M4 ~( r4 C+ C( gexpenditures in excess of $250 million for developing the properties5 A* \8 U* v; Q; z: T+ B
over the next three years.* D0 i/ E a! ~5 h1 O
They have also pledged to increase employment levels in Canada as- y) }! o+ }# K: f: n, g
they develop the projects over the next three years and to maintain
: |' c9 ]3 h m6 o4 u: T! o, ]% @an Alberta head office for operating companies associated with the9 j# I% Z" i Z7 B! W
projects for the next five years.
6 q9 R5 R. b; s* g' {% | (The Canadian Press) |
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