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OTTAWA - Ottawa has given its blessing to the sale of properties
5 r; j0 o& i; T' l/ ~" E- iowned by Athabasca Oil Sands Corp. to a Chinese company. }/ s% T- c# D0 b: y
Federal Industry Minister Tony Clement says he has reviewed the
* c% A( E3 O) z5 I2 V3 k' qdeal between Athabasca and PetroChina International Investment Co.: |% n3 V% }: z% V0 P |! ]
Ltd. and finds its is likely to be of net benefit to Canada.
5 _+ K9 U4 X2 q! K Clement says PetroChina and its parent, PetroChina Co. Ltd., have
/ A2 \5 Y+ b8 u% x5 tmade a number of significant commitments should they be allowed to
! X+ s/ g$ @0 L9 Tacquire control of the MacKay and Dover oil sands projects.
9 l, Q) ?: {3 |/ Q* v Among other things, the Chinese concerns have agreed to capital6 D$ Y* K& O, P: e
expenditures in excess of $250 million for developing the properties$ V- ]3 N2 T1 x7 P: |
over the next three years.2 s( D6 f7 @* l
They have also pledged to increase employment levels in Canada as8 X! i7 G5 z" w9 B8 X2 t
they develop the projects over the next three years and to maintain; Z' Z r! {+ V- I) J
an Alberta head office for operating companies associated with the. L) T& _; N" ?6 A7 Z$ w
projects for the next five years.
0 W( `8 [5 q, a. I' ~ (The Canadian Press) |
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