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OTTAWA - Ottawa has given its blessing to the sale of properties
* r9 I$ A' s4 L3 X" R: n. K+ vowned by Athabasca Oil Sands Corp. to a Chinese company.! _9 S9 [; e8 A8 G
Federal Industry Minister Tony Clement says he has reviewed the! R6 O7 n4 y+ {. D6 h" c
deal between Athabasca and PetroChina International Investment Co.% V& S% @& n" M2 h. ?7 S. y. R: w
Ltd. and finds its is likely to be of net benefit to Canada.: R1 O" w/ k; M7 E/ h5 q7 J3 \
Clement says PetroChina and its parent, PetroChina Co. Ltd., have: k, ^: s2 Q) {& R# l0 ~
made a number of significant commitments should they be allowed to
+ p/ | W$ G6 H8 |( c! yacquire control of the MacKay and Dover oil sands projects.6 Z- @$ o6 D. m5 p: h
Among other things, the Chinese concerns have agreed to capital8 R3 H! K* c/ @; L& @
expenditures in excess of $250 million for developing the properties
" A) I. e$ n+ |8 Y& P! Pover the next three years.
$ [. Z. p1 `# f$ D5 y They have also pledged to increase employment levels in Canada as# b/ Q+ A5 j# N: z/ k
they develop the projects over the next three years and to maintain
# }, j a$ v& J1 l. b" x2 k. Y0 ean Alberta head office for operating companies associated with the* _8 L( Q A: l* l
projects for the next five years.
" E1 G2 v5 n( L (The Canadian Press) |
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