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OTTAWA - Ottawa has given its blessing to the sale of properties; ^+ i8 q0 I) z
owned by Athabasca Oil Sands Corp. to a Chinese company.0 `6 ^2 L7 a" d( L# L4 I
Federal Industry Minister Tony Clement says he has reviewed the3 l* L! \) i7 A/ O. f7 s
deal between Athabasca and PetroChina International Investment Co.
1 W; x3 }' \' G/ X `0 B) n7 CLtd. and finds its is likely to be of net benefit to Canada.
5 U$ l" o7 A' ]" b1 D2 ^ Clement says PetroChina and its parent, PetroChina Co. Ltd., have. o0 t! U# I9 j0 y: Y
made a number of significant commitments should they be allowed to! z$ z4 b6 u( p/ j, w! L
acquire control of the MacKay and Dover oil sands projects.
' W6 w: H+ y7 P3 P Among other things, the Chinese concerns have agreed to capital
/ ~9 Q* c) `* O9 a3 Z" J. Pexpenditures in excess of $250 million for developing the properties: p/ M4 o9 i5 p
over the next three years.2 D( \( U3 K' j# y, ]
They have also pledged to increase employment levels in Canada as' |4 \' d* @* L$ Z% f& v
they develop the projects over the next three years and to maintain
& {& k. t, m! c! [' K! pan Alberta head office for operating companies associated with the* d# R0 ~ M% O7 m
projects for the next five years.9 V+ r2 `) [+ o2 h
(The Canadian Press) |
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