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OTTAWA - Ottawa has given its blessing to the sale of properties6 x& ?- H( Q4 q7 y
owned by Athabasca Oil Sands Corp. to a Chinese company.3 h3 l+ I( \9 [6 w( h2 t
Federal Industry Minister Tony Clement says he has reviewed the
( z& N s* p1 j) s& xdeal between Athabasca and PetroChina International Investment Co.) M2 @, {& x) x+ @( [# K0 t
Ltd. and finds its is likely to be of net benefit to Canada.& s5 g" U" x& C1 x4 ?8 Q) G! C) b
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 u8 s8 }/ D; a% i& I. m* c$ s7 ]made a number of significant commitments should they be allowed to
5 r: Y+ E- Q( b& _; |* macquire control of the MacKay and Dover oil sands projects.0 ?$ r( Z$ |. N2 v
Among other things, the Chinese concerns have agreed to capital6 f5 g; L/ G6 T9 {/ V% A
expenditures in excess of $250 million for developing the properties% I! |' {! |' [ Q7 g4 H% l+ v/ Q, x
over the next three years.
) ]% H' ]. ]" N* ]! S5 \ They have also pledged to increase employment levels in Canada as
7 @2 Y- k2 ?+ s' ]* Jthey develop the projects over the next three years and to maintain
) k; h0 F" B9 x- {( R* b+ van Alberta head office for operating companies associated with the; u5 c5 R z) A
projects for the next five years. q8 \2 m* M) D
(The Canadian Press) |
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