OTTAWA - Ottawa has given its blessing to the sale of properties& l( O2 d D3 B+ t2 H7 [: r' f- T
owned by Athabasca Oil Sands Corp. to a Chinese company.- w* i5 J2 A6 p& |
Federal Industry Minister Tony Clement says he has reviewed the 4 y2 m4 b) j1 n; \) kdeal between Athabasca and PetroChina International Investment Co. ) i4 O6 R/ s7 q- YLtd. and finds its is likely to be of net benefit to Canada.% u# s; l4 Z. W$ A% e+ }
Clement says PetroChina and its parent, PetroChina Co. Ltd., have 4 I6 |8 B! y( h9 x$ @( d, f' t# T2 lmade a number of significant commitments should they be allowed to% \5 `6 w% Y) j6 A' v& w
acquire control of the MacKay and Dover oil sands projects. " d0 I: F3 d2 `+ S; b3 [8 _+ y Among other things, the Chinese concerns have agreed to capital+ j3 N" M* |* R. i* K y1 ~& T" q
expenditures in excess of $250 million for developing the properties8 b [% n5 R t C( y2 n
over the next three years. ( Z+ l+ M2 R+ D7 v- }" e They have also pledged to increase employment levels in Canada as& _$ a0 j" x% P8 r: x
they develop the projects over the next three years and to maintain 5 B. D/ T$ I8 p; z& w" F( A5 q+ [, dan Alberta head office for operating companies associated with the1 J: B' L$ q5 t( Z# l7 }
projects for the next five years. # W/ |: q0 g- n$ o! F (The Canadian Press)