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OTTAWA - Ottawa has given its blessing to the sale of properties
; H+ [# a0 j0 G0 ~owned by Athabasca Oil Sands Corp. to a Chinese company.3 E2 W; t& {* l+ ]5 u" x+ l
Federal Industry Minister Tony Clement says he has reviewed the
: s3 W( X/ l udeal between Athabasca and PetroChina International Investment Co.
4 y! ^( {$ {( t. t/ {8 {, H7 pLtd. and finds its is likely to be of net benefit to Canada.7 Q- ?. P! I9 f( N, _- h0 o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have" @' P* K+ p: C& |
made a number of significant commitments should they be allowed to1 [! i S9 B% a
acquire control of the MacKay and Dover oil sands projects.. T: Q2 H) u8 B: f$ o' B
Among other things, the Chinese concerns have agreed to capital/ S/ h' m" A! o
expenditures in excess of $250 million for developing the properties
C& u0 b, G4 _, Zover the next three years.; J: I/ a# f5 I! q: `
They have also pledged to increase employment levels in Canada as. R6 b" l6 N4 l+ L* P
they develop the projects over the next three years and to maintain
R- Z1 Q/ e* Y. J0 h4 C" T$ Dan Alberta head office for operating companies associated with the) e# h8 D4 n( a7 Y
projects for the next five years.
6 v$ w1 }, d9 P7 r9 a (The Canadian Press) |
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