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OTTAWA - Ottawa has given its blessing to the sale of properties7 k' f+ I0 \' g" ^9 G A* a: J
owned by Athabasca Oil Sands Corp. to a Chinese company., q$ _7 x" |7 X' T R5 g" ~+ e
Federal Industry Minister Tony Clement says he has reviewed the" H& I$ e! G. B* Y* J
deal between Athabasca and PetroChina International Investment Co.
4 A# s. c x5 N) `) ]. VLtd. and finds its is likely to be of net benefit to Canada.
% s0 L G, D, V" A( P. K& p3 Y Clement says PetroChina and its parent, PetroChina Co. Ltd., have0 d/ [5 e8 J" [
made a number of significant commitments should they be allowed to; v3 i- E: H$ K
acquire control of the MacKay and Dover oil sands projects.5 [2 | w) P* }( \' D
Among other things, the Chinese concerns have agreed to capital9 x, V; V& p: y( V( x
expenditures in excess of $250 million for developing the properties7 g# R2 o. N h) J: ^ R6 u9 S/ U! `
over the next three years.7 t, A1 I4 E d5 w& }- f
They have also pledged to increase employment levels in Canada as; f9 W+ m8 O/ s* f/ L( M
they develop the projects over the next three years and to maintain
- a+ g& |5 ?: Q, J9 B) {an Alberta head office for operating companies associated with the
4 ~) C; E$ l( ?% i! pprojects for the next five years.
) f! |5 L1 f2 Z (The Canadian Press) |
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