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OTTAWA - Ottawa has given its blessing to the sale of properties9 Y# w/ t- P3 c+ R5 D4 x+ K0 w% [
owned by Athabasca Oil Sands Corp. to a Chinese company.
% m, a& n) K J2 f% X Federal Industry Minister Tony Clement says he has reviewed the( q5 `3 w. v% e; ^
deal between Athabasca and PetroChina International Investment Co.
/ a$ |4 Q* o* vLtd. and finds its is likely to be of net benefit to Canada.( W& w8 C% d0 w, Y" {2 P5 h, ]
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
4 o' a7 d! ~, U, G! g3 @made a number of significant commitments should they be allowed to
7 ^. v' x8 U& X( k2 R& Kacquire control of the MacKay and Dover oil sands projects.; F5 }# T9 ]2 n
Among other things, the Chinese concerns have agreed to capital X) V6 m9 T% S, F1 Z$ [
expenditures in excess of $250 million for developing the properties
5 G2 Z0 [* H8 t( oover the next three years.
& N& Z7 J5 T3 B2 Z5 h They have also pledged to increase employment levels in Canada as
4 w! Y. H7 F+ I; A/ s5 u& Dthey develop the projects over the next three years and to maintain9 S" V' @6 t( ~# j
an Alberta head office for operating companies associated with the
( q( W, G3 G6 _ j: p; Q7 A2 Uprojects for the next five years.
! B' f8 C- n7 u5 B% R: M4 F (The Canadian Press) |
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