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OTTAWA - Ottawa has given its blessing to the sale of properties
- U( X7 B: j! mowned by Athabasca Oil Sands Corp. to a Chinese company.
+ Y4 [/ Z( _# _1 A0 p- S" [: _! Q Federal Industry Minister Tony Clement says he has reviewed the' X6 M d8 W7 w' R9 _- \
deal between Athabasca and PetroChina International Investment Co.
5 I2 n/ x: ]$ U9 n2 V; I% }Ltd. and finds its is likely to be of net benefit to Canada.
8 z% v& F. f! X1 Y Clement says PetroChina and its parent, PetroChina Co. Ltd., have
# K+ w4 l: \* i# Cmade a number of significant commitments should they be allowed to1 c( @! J5 l* C" n5 n! q
acquire control of the MacKay and Dover oil sands projects.8 {9 v0 E, V3 W
Among other things, the Chinese concerns have agreed to capital1 E0 {" A2 G( U2 H) c2 X
expenditures in excess of $250 million for developing the properties
0 @. o* m+ e9 ?/ ^; u9 {. r# v/ Hover the next three years.
{+ Z3 l. H1 B6 n/ l5 M* A) r- ~$ ~ They have also pledged to increase employment levels in Canada as
" p% {2 P' t! \$ kthey develop the projects over the next three years and to maintain
, |" C' y% E! g% J2 ban Alberta head office for operating companies associated with the
' Z# @* T& k0 mprojects for the next five years.7 h/ }0 V* g, |( H1 ?, ?
(The Canadian Press) |
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