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OTTAWA - Ottawa has given its blessing to the sale of properties! }- y4 i2 P/ e$ B
owned by Athabasca Oil Sands Corp. to a Chinese company.
/ s5 Y& z! K$ o" @ Federal Industry Minister Tony Clement says he has reviewed the
) u8 O. b% I( u- u' Z+ U5 Adeal between Athabasca and PetroChina International Investment Co.3 T7 o* h4 O) {1 r# J; I# R
Ltd. and finds its is likely to be of net benefit to Canada.
- {% ?5 I1 s* \0 s' `6 u+ r Clement says PetroChina and its parent, PetroChina Co. Ltd., have
1 g$ d3 ~! f# [0 g/ Emade a number of significant commitments should they be allowed to
; H+ O; U1 }6 d: P, Wacquire control of the MacKay and Dover oil sands projects., i# U/ \5 j+ n, x$ v* \9 c
Among other things, the Chinese concerns have agreed to capital
# Q1 @: G, K% p4 E5 Uexpenditures in excess of $250 million for developing the properties
' S8 G! u) k% i. k2 uover the next three years. [/ \7 A# `1 i% y
They have also pledged to increase employment levels in Canada as8 O" G0 B9 B; D% n
they develop the projects over the next three years and to maintain
% ~! C+ g, Q0 j4 d' Dan Alberta head office for operating companies associated with the
# \/ L X. v6 a/ @% ]projects for the next five years.: F/ P: {2 ~7 `) v% @; n
(The Canadian Press) |
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