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OTTAWA - Ottawa has given its blessing to the sale of properties* D3 S1 m6 @- Q) _
owned by Athabasca Oil Sands Corp. to a Chinese company.5 h& m9 U, y# i# ?) ?/ l- M
Federal Industry Minister Tony Clement says he has reviewed the2 W& V: S7 }& G( v
deal between Athabasca and PetroChina International Investment Co.
0 S, t Z. ^3 [Ltd. and finds its is likely to be of net benefit to Canada.
5 A' W5 ?; h A3 Y; }. k" z Clement says PetroChina and its parent, PetroChina Co. Ltd., have; D5 |9 E. q& U
made a number of significant commitments should they be allowed to$ F c$ m" m g, e) b
acquire control of the MacKay and Dover oil sands projects.
" e5 R% S" F' s: ^5 q, G% ? Among other things, the Chinese concerns have agreed to capital3 ^1 u$ ]3 Q6 h
expenditures in excess of $250 million for developing the properties
( j' Y9 o6 ?; s, G/ Fover the next three years.( i" v( \) u4 P% Z+ g
They have also pledged to increase employment levels in Canada as5 P1 V7 J5 j( w! `1 T T
they develop the projects over the next three years and to maintain$ F3 E9 A; v7 D1 T6 y
an Alberta head office for operating companies associated with the, c# h2 A0 J& K
projects for the next five years.! P5 w0 I8 ]9 c1 U5 ], o9 x6 o
(The Canadian Press) |
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