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OTTAWA - Ottawa has given its blessing to the sale of properties5 u# i2 K" A. u$ }" s2 z1 V
owned by Athabasca Oil Sands Corp. to a Chinese company.. Q. [* T- y% `) [" O( C1 P" V
Federal Industry Minister Tony Clement says he has reviewed the
( h# Z3 D# s7 s+ d3 L7 bdeal between Athabasca and PetroChina International Investment Co. j8 [6 b* s l5 H, W; q! O8 o
Ltd. and finds its is likely to be of net benefit to Canada.
. M7 L$ E; D1 s/ @* t& C% ^ Clement says PetroChina and its parent, PetroChina Co. Ltd., have
$ N& v! z2 F6 k( cmade a number of significant commitments should they be allowed to
3 x; U8 _" T7 \+ Macquire control of the MacKay and Dover oil sands projects./ @0 b _2 q, _; ^* X8 v6 j
Among other things, the Chinese concerns have agreed to capital
) j8 _4 D- c7 x: d! T9 M( ?, B& Jexpenditures in excess of $250 million for developing the properties0 H$ x( G4 m% a. k
over the next three years.8 |$ _/ m9 G( A, s! H
They have also pledged to increase employment levels in Canada as& N, }+ o" ?7 F7 o+ _# F
they develop the projects over the next three years and to maintain/ H. l+ `; ]; \7 w2 @
an Alberta head office for operating companies associated with the
8 x% X/ [" R: Jprojects for the next five years.6 m4 ]% D) q+ D! e* O* b8 x2 o( [
(The Canadian Press) |
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